Here's what the Trump administration is doing to lower oil and gas prices. Is it working?
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Although the Trump administration is pulling multiple levers to tame energy costs amid the widening Iran war, the average price of gasoline in the U.S. on Friday neared $4 a gallon, raising questions about whether those efforts are working. Edited by Alain Sherter In:
Although the Trump administration is pulling multiple levers to tame energy costs amid the widening Iran war, the average price of gasoline in the U.S. on Friday neared $4 a gallon, raising questions about whether those efforts are working.
The most effective measure for bringing down oil prices would be to reopen the Strait of Hormuz, the vital Persian Gulf waterway that handles some 20% of the world's oil and natural gas supplies, according to experts. The strait remains effectively closed as violence in the region escalates. bringing shipping traffic to a near-halt.
In the meantime, the U.S. is turning to other options to counter rising oil prices, with Brent crude, the international benchmark, at about $108 a barrel, a 48% surge since the start of the war. The Trump administration's strategies range from tapping the Strategic Petroleum Reserve to easing government regulations that boost the cost of petroleum products.
"The fundamental problem is that all these things they're doing are measures to, 'How do I counteract having taken 20% of the world's supply off the market?'," Willy Shih, professor of management at Harvard Business School and energy market expert, told CBS News.
The White House didn't immediately respond to a request for comment.
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