White House assesses that oil prices could break $150 and prepares extreme contingency plans, or may use emergency powers to smooth out fuel costs

Gate News reports that on April 1st, according to informed sources and those close to the White House, as the Iran conflict enters its second month, senior White House aides and government officials are discussing the possibility of oil prices soaring to $150 per barrel or even higher. Two industry officials in contact with the White House stated that officials are assessing the economic impact of high oil prices and considering measures, including the use of additional emergency powers, to reduce costs. Trump has also received a briefing from the Treasury Department on the recent outlook for energy prices. The U.S. Treasury currently believes that oil prices may remain above $100 per barrel for some time. Informed sources say the government views this figure as a “benchmark” and does not rule out the possibility of prices rising to $200 per barrel. Another official revealed that the government is exploring all possible ideas to ease oil prices, including exercising emergency powers and responding to supply chain disruptions in the Strait of Hormuz on national defense grounds.