US President Trump’s chief of staff, Susie Wiles, is telling his advisers to bring ideas to the Oval Office to lower gasoline prices in the wake of the US attack on Iran, according Politico citing sources
Newsquawk Staff ·
- Some of the ideas the admin is considering include a temporary holiday on the gasoline tax, however, that might not bring immediate relief since it would require action from Congress and also no guarantee oil refiners and gas stations would pass the savings along to drivers.
- Some admin officials have also floated using the US military to defend energy infrastructure in the Middle East.
What it means
The discussion around lowering gasoline prices following the US attack on Iran indicates potential geopolitical risk and volatility. While ideas such as a temporary gasoline tax holiday could be price supportive, the uncertainty surrounding congressional approval and actual pass-through to consumers suggests limited immediate impact. Overall, watch for ripple effects in energy prices and broader market sentiment as the administration navigates these challenges.
Sources
- Al-Mayadeen correspondent in Iran says Iranian officials believe that Trump wants to bring the nuclear issue into the negotiations, which Iran rejects
- Ukrainian President Zelensky says negotiations between Ukraine, Russia and the US could take place as early as November 10th
- US Midterms (6 days out): Florida flips to a Republican early-vote lead and Kansas narrows further; Crystal Ball shifts House and Senate races towards Democrats
- Israeli election results show Netanyahu's bloc with 53 seats, Eisenkot's bloc with 47 and Arab parties with 19, following the counting of all votes excluding double-envelope ballots, i24 reports
- Atomic Energy Organization of Iran Spokesman says protocol for building small reactors with Russia is being finalized
Related headlines
- Senior US Treasury trade official Eric Ettorre will leave to join Netflix (NFLX), reports Axios1 hour ago
- US EQUITY OPEN: Indices rangebound ahead of FOMC and major earnings48 min ago
- UK DMO says gross gilt issuance planned for 2026/27 is GBP 250.6bln (exp. 249.6bln, prev. 246.2bln in April remit)1 hour ago
- Amphenol (APH) Q3 2026 (USD): Adj. EPS 0.80 (exp. 0.73), Sales 10.2bln (exp. 9.49bln)2 hours ago
- GE Vernova (GEV) expects USD 50-100mln of annual cost synergies from Trench by 2030, according to the conference call3 hours ago
- Etsy Inc. (ETSY) Q3 2026 (USD): EPS 1.00 (exp. 0.77), Revenue 692mln (exp. 668mln)3 hours ago
- Garmin Ltd. (GRMN) Q3 2026 (USD): Adj. EPS 2.76 (exp. 2.41), Revenue 1.99bln (exp. 1.99bln)3 hours ago
- EIA Expectations: Crude +0.35M, Distillate -0.63M, Gasoline -1M43 min ago
- UK Budget, 28th October 2026: An uneventful budget expected, but the reaction risks are skewed negative3 hours ago
- Automatic Data Processing (ADP) Q3 2026 (USD): Adj. EPS 2.82 (exp. 2.77), Revenue 5.5bln (exp. 5.48bln). FY revenue growth view of 6%, adj. EPS growth view of 10-12% 4 hours ago
- US EIA Heating Oil Stocks Change (Oct/23) 0.164M (Prev. 0.652M)28 min ago
- US EIA Crude Oil Imports Change (Oct/23) -0.796M (Prev. 0.837M)28 min ago
- EIA Cushing Crude Oil Stocks Change (Oct/23) -0.624M (Prev. 0.987M)28 min ago
- US EIA Refinery Crude Runs Change (Oct/23) -0.123M (Prev. 0.034M)28 min ago
- US EIA Crude Oil Stocks Change (Oct/23) -1.892M vs. Exp. 0M (Prev. -3.061M); SPR falls 0.1mln to 282.6mln28 min ago