The Trump administration believes it can withstand a brief spike in oil prices — for as many as four weeks, as one person close to the White House suggested — before the political hit does lasting damage.
Administration officials’ confidence was bolstered Tuesday when oil dropped to $80 per barrel, down from $120 this weekend, reinforcing their view that the spikes are temporary and manageable.
They have three to four weeks “where they can ride out what they need to” before oil prices become a more durable political problem, said the person close to the White House, who like others in this story was granted anonymity to share details of private conversations.
“Assuming the economy continues to turn around once the active part of the war is concluded, you’ll have the whole summer from May through August to ride the turnaround,” the person said.
