White House discusses response plan to soaring oil prices, may use emergency powers to stabilize costs

Insiders have revealed that White House officials are evaluating the possibility of oil prices soaring to $150 per barrel or higher, and studying the impact of high oil prices on the economy. Trump has listened to a report from the Treasury Department on the outlook for energy prices. The US Treasury Department believes that oil prices may remain above $100 per barrel, which the government sees as a "baseline" and does not rule out the possibility of rising to $200 per barrel. The White House is considering using emergency powers and other measures to respond to supply chain disruptions in the Strait of Hormuz.