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0:38Now PlayingThe Trump administration is weighing options to address the spike in oil and gasoline prices amid the war in Iran, according to Interior Secretary Doug Burgum. #iran #politics #trump #worldnews #usa
Possible actions include releasing crude from the country's emergency oil reserve, waivers of fuel-blending requirements, and the US Treasury trading oil futures.
The administration has announced plans to provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels through the Strait of Hormuz.
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