Trump officials prepping for 'nightmare scenario' at gas pumps [View all]

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.

“They’re trying to come up with every conceivable idea that might alleviate energy prices, including the exercise of emergency powers and authorities and national defense reasons to address the supply chain disruption in the Strait of Hormuz,” an industry insider told the outlet.

https://www.msn.com/en-us/money/markets/trump-officials-prepping-for-nightmare-scenario-at-gas-pumps-report/ar-AA1ZWmOM

At the same time, they're trying to stymie alternative energy sources.