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.
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.
Prices for the kinds of fuel ocean going ships burn have increased 25%-35% depending on the port.
Yep and the same cart of groceries I spent 100 bucks on last year is about 200 now :( Trump was right. So much winning we’ll get sick of it. Trouble is only the billionaires are winning, at our expense. I’m not having fun anymore.