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Oil Over $100 Tests Voter Tolerance for Pain at the Pump
Posted
March 9, 2026
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4:35Now PlayingHenrietta Treyz, Co-Founder at Veda Partners, examines domestic reaction to a drawn-out Iran war and how much tolerance voters will maintain if gas prices keep increasing.
The Trump administration is weighing a range of options for addressing the spike in oil and gasoline prices driven by the war in Iran, Interior Secretary Doug Burgum said.
“Everything is being considered,” Burgum said in an interview with Bloomberg.
Some possibilities include releasing crude from the country’s emergency oil reserve, potentially in coordination with other nations to maximize effect. Analysts and others in Washington have pointed to additional options, including waivers of fuel-blending requirements and even the unprecedented move of the US Treasury trading oil futures.
Meanwhile, details of the plan for the US International Development Finance Corporation to offer insurance to tankers are still being developed, Burgum said.
The retail price of gasoline rose to $3.32 a gallon near the end of last week, the highest level since September 2024, Bloomberg's Will Kubzansky reports, citing data from the American Automobile Association.
Asian refiners have been cut off from critical supplies of crude that typically flow through the Strait of Hormuz, prompting some to consider cutting runs. China has told its largest refiners to suspend diesel and gasoline exports.
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