The US president has few effective tools to quickly bring down oil prices due to the ongoing conflict in Iran. Experts say that as long as the war continues to disrupt energy supplies, higher prices will persist until traffic through the Strait of Hormuz returns.
As tensions escalate with Iran, Trump’s administration is searching for ways to ease the impact on US consumers. However, experts warn that quick fixes may not be enough due to the ongoing conflict and its effects on global oil markets. The current war in Iran has caused oil prices to surge, making gasoline prices rise accordingly.
Since the war began, oil prices have increased by about one-third, with international crude prices hovering around $100 per barrel. US gasoline prices have climbed 17 percent, averaging around $3.50 per gallon, the highest level since 2024. To mitigate this, policymakers have discussed various ideas, including tapping strategic reserves and restricting US exports.
However, unless the conflict ends, these quick fixes will likely be hard to come by. Bob McNally, a former energy adviser to President George W. Bush, notes that there are no easy solutions when it comes to managing oil prices during a crisis. As long as the war continues to disrupt energy supplies, the president has few effective tools to quickly bring down oil prices.
One possible option is releasing oil from the Strategic Petroleum Reserve, a stockpile of crude saved for emergencies. While this might provide some relief, it would only make up for a fraction of the lost output due to the closure of the Strait of Hormuz.
The US reserve currently contains about 415 million barrels of oil, but even tapping into this might not be enough to significantly lower prices. Other ideas, such as suspending federal taxes or restricting exports, could be more contentious and may have unintended consequences.
Senator Mark Kelly proposed a temporary suspension of the federal gasoline tax, while restricting oil exports could disrupt refinery operations and hurt European countries that trade with the US. Analysts warn that these measures might do more harm than good in the long run.
The situation highlights the challenges faced by policymakers when dealing with global energy markets during times of crisis. With no clear end to the conflict in sight, prices are likely to remain high until traffic through the Strait of Hormuz returns to normal.
Source: https://www.nytimes.com/2026/03/09/climate/gasoline-oil-prices-iran.html