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Our Economy 'Hangs Off' the Strait of Hormuz says McHenry
Posted
March 11, 2026
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10:51Now PlayingEnergy markets whipsawed as investors raced to interpret rapidly shifting comments from the Trump administration over the war in Iran.
Oil prices plummeted after Energy Secretary Chris Wright erroneously posted — and then deleted — a message that the US Navy had escorted an oil tanker through the Strait of Hormuz, only for White House Press Secretary Karoline Leavitt to subsequently concede no such operation had occurred. But, the spokeswoman said, the US military was “drawing up additional options” to address any attempt by Iran to constrain trade through the vital artery. Patrick McHenry, Former Chairman of the House Financial Services Committee, Former Speaker Pro Tempore, Bloomberg Contributor joins to discuss on Balance of Power. President Donald Trump indicated he would tap the US Strategic Petroleum Reserve to help ease oil prices that have soared amid the war with Iran.
“We’ll do that and then we’ll fill it up,” Trump said Wednesday in an interview with local television station WKRC during a visit to the Cincinnati area. “Right now, we’ll reduce it a little bit and that brings the prices down.”
Earlier Wednesday, the International Energy Agency agreed to discharge 400 million barrels from emergency oil reserves, its largest-ever release, as governments seek to contain a price spike driven by the Middle East war.
The Strategic Petroleum Reserve currently contains about 415 million barrels, little more than half its capacity, following a series of drawdowns by the Biden administration. Those included a record sale of 180 million barrels to help lower gasoline prices after Russia’s 2022 invasion of Ukraine.
Trump is facing political pressure to address rising fuel prices that have been driven up by the spike in oil. November’s midterm elections will hinge in large part on Americans’ attitudes toward the cost of living, and the polls show the public giving the president poor marks for his handling of the economy.
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