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
- 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.
Context
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.
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