The Trump administration was reportedly looking for ways to drop gas prices at the pump, according to a Bloomberg report on Monday.
President Donald Trump has touted lowering oil prices throughout his campaign and first year of his second term, but as the Iran war hits its fourth week and oil prices skyrocket, his allies are aiming to make new moves ahead of the midterms this fall, Bloomberg's Nancy Cook reported.
"I’m told Cabinet members like Energy Secretary Christopher Wright, staff at the National Economic Council and the National Energy Dominance Council as well as other White House aides are soliciting ideas from policy experts, donors and energy executives as they struggle to limit the economic damage inflicted by the war," Cook wrote.
"Today, Trump himself backed down from threats he made over the weekend to begin hitting Iran’s energy infrastructure in 48 hours after allies and Gulf countries warned the president about the consequences and oil prices spiked," Cook explained.
Trump allies were apparently tasked with sharing potential remedies.
"Among the myriad ideas floated to the administration for consideration are asking Congress to suspend the federal gas tax; releasing more oil from the Strategic Petroleum Reserve once the current release is finished and fast-tracking drilling permits, according to people familiar with the internal discussions," Cook reported. "A White House official said while there are many options on the table, the administration at this time isn’t pursuing a gas tax holiday or an additional SPR release."
"One Trump ally acknowledged a lot of this was 'gimmicky' but said the White House has to show it’s taking action before the midterms, which inevitably will turn on the economy," Cook added. "With Republican control of Congress at risk, Trump has put his political team in a bit of a quagmire with ostensibly no clear strategy or timeline for ending the war."