On March 10, two sources familiar with the matter revealed that US President Trump is expected to review a series of measures to curb oil prices as early as Monday. Oil prices have surged to over $100 per barrel due to the Iran-Iraq conflict. This move reflects the White House's concern that soaring oil prices will harm American businesses and consumers, especially as Trump's Republican Party hopes to retain control of Congress ahead of the November midterm elections.
Sources say U.S. officials in Washington have been discussing the possibility of jointly releasing strategic crude oil reserves with their counterparts in the G7 major economies, one of several measures currently under discussion. Other options, the sources revealed, include restricting U.S. oil exports, intervening in the oil futures market, exempting some federal taxes, and repealing provisions in the Jones Act that restrict domestic fuel transport to ships flying the U.S. flag.
Analysts point out that as long as the conflict continues to disrupt shipping through the Strait of Hormuz, the impact of US policy options on the global oil market will be negligible. (Jinshi)
