crude oil News Updates

President Trump is preparing to invoke Cold War-era powers to pave the way for renewed oil production off the Southern California coast, a long-shot bid to help ease the global crude crunch.

The announcement came as the White House sought to quell concerns about rising energy prices due to the war in Iran. Trump is weighing several possible options to lower the cost of oil and gasoline.

Iran has effectively stopped cargo traffic in the Strait of Hormuz through which about a fifth of all oil is shipped. It has also targeted oil fields and refineries in Gulf Arab nations.

President Donald Trump’s efforts to stabilize prices at the pump underscore the unique role oil and gasoline play in the economy — and American voters’ perceptions of it. 

The U.S. raised its forecast for domestic oil production next year after the recent surge in prices due to supply disruptions from key Middle East countries.

Saudi Arabia, Iraq, the United Arab Emirates and Kuwait have lowered their collective output by as much as 6.7 million barrels a day, Bloomberg reports. That amounts to about 6% of global supply.

With a key shipping route cut off, oil prices have surged — from less than $70 a barrel on Feb. 27 to nearly $120 early March 9 before settling closer to $90. They’ve taken diesel and gasoline prices with them.

Nearly all goods — including food — that are bought and sold must travel from where they’re produced. Those costs will climb with higher gasoline, diesel and jet fuel prices.

The U.S. stock market careened through a manic March 9, going from a steep early loss to a solid gain as worries turned into hope that the war with Iran may not last that long.

President Donald Trump is mulling a menu of possible options to combat surging oil and gasoline prices in the wake of the Iran war, according to people familiar with the matter.