White House senior staff and administration officials are discussing the possibility that oil prices climb to a record $150 or more per barrel as the Iran war drags into its second month, according to a person familiar with the conversations and two people close to the White House.
White House officials are looking at the economic effect of higher prices and considering ideas for bringing down those costs, including the deployment of additional emergency powers, according to two industry officials in contact with the White House, who, like others in this report, were granted anonymity to speak freely about private conversations.
President Donald Trump has also heard from Treasury officials about the near-term outlook for energy prices, which the department now sees as likely to remain above $100 per barrel for some time. According to the person familiar with internal discussions, the administration sees that number as “a baseline” and isn’t ruling out the possibility of prices rising as high as $200 per barrel.
The oil price discussions are largely being run through the National Energy Dominance Council, a standard policy coordinating committee that includes the Defense, Energy, Commerce, State and Interior departments, said one of the people close to the White House, a former Trump energy adviser.
