White House officials are bracing for oil prices to surge past the $150-a-barrel mark as the Iran war stretches into its second month and the Strait of Hormuz remains largely closed, according to a new report.
In recent weeks, the average cost of a barrel of crude has hovered around $100, a figure that the Trump administration now sees as the new “baseline,” though a potential spike to $200 hasn’t been ruled out, a source familiar with the matter told Politico.
As a result, officials have entered “all hands on deck” mode, urgently evaluating options to tame soaring oil prices — which pushed gas above $4 a gallon this week and risks inflating costs across the broader economy.
I really want to see Iran say they'll reopen it only after trump is personally handed over to stand trial for his war crimes...
It will never work, but it'll fracture his support and more importantly he'll be ome convinced it's gonna happen and start turning on his own cronies even if they're loyal.
Trump I Did that Stickers, 2.5inch I Did that Trump Sticker 100PCS
10K+ bought in past month
So if each of those sticker packs has 100 stickers, and people have bought over fifteen thousand packs in the past month alone on those two Amazon items (and there are more) alone, that's over 1.5 million gas pumps that you'd need if you were going to use just those sticker packs.
To be fair, once fuel prices go up the cost of EVERYTHING also goes up. So no it's not just about pain at the pump, it's pain at the grocery check out. Pain when the oil truck comes to deliver your liquid heat. Pain when you buy anything plastic, anything grown with fertilizers. People don't realize petroleum is in almost everything! And if it doesn't use a petroleum product in manufacturing, it certainly does in shipping.
The only thing that keeps most people complacent is they can manage to scrape by with their meager salary buying crappy goods. Take that away and Americans might get more revolutionary.
The best part is that even if everything in the Strait were to return to normal tomorrow, the oil price shock is just barely beginning to filter through the system, so there's absolutely nothing Trump can do to stop what he caused.
Oh yeah. Global logistics with slow-boat tankers are scheduled multiple months in advance to keep the machine flowing. With every single route now completely thrown awry, there's no going back for at least a year.
If only in the decades since the oil embargo of the early 1970s we kept investing in alternative energy sources we could have been in a much better place energy wise.
before anyone says "those solar panels didn't work very well" THAT'S NOT THE FUCKING POINT. they represented a commitment to invest in the technology. the presidency is the bully pulpit. a person can change a lot about the direction of the country there without making meaningful change in the moment. Grant and Carter are probably the two presidents who tried the hardest to do something positive with that power
Yeah, but windmills cause cancer and solar is basically gay. And EVs - I'm pretty sure if you drive those when you are male, your penis shrivels up, falls off and you grow a vagina.
The Sociopathic Oligarchs see the Dow as the leading indicator of the economy, and never notice gas prices.
But to the average American, the price of GAS is the leading economic indicator, and that number psychologically symbolizes the health of the economy in their minds. That number is displayed on every corner in the country, and every American passes it many times a day, driving it into their skulls.
This is NOT good for MAGA, and a reckoning is coming. MAGA is feral, and when they feel cornered, wounded, and scared, they will strike out ferociously. It's going to get uglier before it gets better.
They are bracing for the voters to finally turn on them. Commit fraud? It's fine my gas is cheap. Sex with children? Eh whatever I don't want to consider if that's true or not as long as my gas is cheap. Bomb a school overseas? Whatever you've gotta do to keep my gas cheap. GAS PRICES ARE UP?! WTF IS THIS ADMINISTRATION DOING?! VOTE THEM OUT.
It's sickening, but it seems the price of gas is really all that matters to the Republican voter.
On March 20, he fumed that NATO allies have refused to help secure the strait, but he later appeared unconcerned. “At a certain point it will open itself,” he said.
I'd say that that sounds promising for EV manufacturers.
The cost of diesel, the lifeblood of the U.S. economy powering freight and manufacturing, also pushed past $5 a gallon this month, marking the highest rate since 2022. Experts have warned that the elevated price of diesel, made from crude oil, will trigger knock-on effects on groceries, shipping and construction.
Around 80% of Americans live in cities, where there is nowhere to grow realistically self-sustaining quantities of food. If people can’t buy groceries because it’s no longer economically viable to ship food products to stores, what’s the point of anything else?
They're gonna nationalize our oil aren't they? Required sale to the government at a set rate and then government will turn around and sell into the domestic and international markets to balance prices at our pumps.
It's about the only option other than stop bombing Iran and that's not happening.
One idiotic move administration has made is to increase ethanol content of gasoline. Ethanol is corn based in US. Cost of corn is fertilizer based. The futures price of corn has only increased about 10%, while fertilizer costs are up 100%, and so no logical reason to plant corn that has been losing money for farmers for last 5 years.
Easiest plan to bring down energy prices would be to import chinese solar tariff free, to use on ethanol corn fields in Nebraska. Leaving room for Corn between panel rows when it is viable to grow corn for food again. There's even a path towards 0 cost electricity for 24/7 datacenters or other loads. https://lemmy.ca/post/59615557?scrollToComments=true
If ONLY Iran would OPEN up the Straight that was ALREADY Open BEFORE Trump bombed them for some Reason! WE wouldn't be in This Mess! We NEED Trump to Fix Trump's Fuck Up! Iran!
Do you sometimes find yourself needing to buy things? Those need to be shipped to the places where you buy them. And the parts they're made of need to be shipped to the places where they're manufactured. You pay for all that when you buy them.
The GOP already knows that they have lost the majority, so they try every trick in the book to keep non-republicans from voting. But with those gas prices, even hardcore country yokels who voted for anything with "REP" to it, dead or alive, might start thinking about this.
top 50 comments