The White House is assessing an extreme plan to break oil prices above $150, potentially using emergency powers to curb fuel costs.

ME News message, April 1 (UTC+8). Insiders and people close to the White House say that as the war with Iran enters its second month, senior White House staff and government officials are discussing the possibility of oil prices soaring to a record of $150 per barrel and even higher. Two industry officials who remain in contact with the White House say White House officials are assessing the impact of high oil prices on the economy and considering measures to reduce costs, including tapping additional emergency powers. Trump also heard a briefing from the Treasury Department on the near-term outlook for energy prices. The U.S. Treasury Department currently believes that oil prices may remain above $100 per barrel for a period of time. Insiders say the government views this figure as a “baseline,” and does not rule out the possibility of oil prices rising to $200 per barrel. Another insider official said the government is trying every possible idea to ease the oil price burden, including exercising emergency powers and addressing disruptions in the supply chain through the Strait of Hormuz on defense grounds. (Jin10) (Source: ODAILY)