All options are on the table, including futures manipulation.
Today’s12.38 percent jump is not yet reflected in consumer gasoline and diesel prices.
AAA Gasoline Prices
Truckers and other diesel users are getting hammered. In the last month the price of diesel is up 18.9 percent.
Regular gasoline is up 14.5 percent.
Expect a big jump tomorrow in consumer and trucker prices as crude futures jumped over 12 percent today.
Jet fuel is in another league.
Jet Fuel
Trump Administration Eyes All Options to Tame Oil Prices
Bloomberg reports Trump Administration Eyes All Options to Tame Oil Prices
The Trump administration is weighing a range of options for addressing the spike in oil and gasoline prices amid the war in Iran, Interior Secretary Doug Burgum said.
“Everything is being considered,” Burgum said in an interview Thursday, adding that the list includes possible actions that would have immediate impact as well as longer-term and more complex options.
US President Donald Trump huddled with Burgum and other top advisers to discuss a range of options Tuesday before announcing plans to provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels through the Strait of Hormuz.
Other possibilities include releasing crude from the country’s emergency oil reserve, potentially in coordination with other nations to maximize effect. Administration officials, however, have so far not moved to tap the Strategic Petroleum Reserve.
Analysts and others in Washington have pointed to additional options that could be considered by the administration, including waivers of fuel-blending requirements and even the US Treasury trading oil futures.
A move to trade in oil markets by the world’s largest economy would be unprecedented. The US has a unique position as the world’s biggest oil producer and one of the largest consumers. But it’s unclear how such program would work to lower crude and gasoline prices.
Meanwhile, details of the plan for the US International Development Finance Corporation to offer insurance to tankers are still being developed, Burgum said. “The team is working hard,” he said, citing the involvement of Treasury Secretary Scott Bessent and Energy Secretary Chris Wright.
“We have an opportunity as the federal government to come in and establish, I would say, some normalcy,” Burgum said. “The US can take on some risk to help make sure that our allies in the world are well supplied, and we’re the only ones that could do that, because we’ve got the financial power and the naval power to make that happen.”
Hopefully, I don’t have to explain how stupid oil futures manipulation is.
Trump Announces Reinsurance Program
Don’t Worry, Iran War Ability Is Destroyed
Do you believe Trump announcements or not?
Propaganda Update
Desperation Sets In
Russia the Big Winner
In other news, jobs “unexpectedly” declined today.
I have been expecting big negative revisions and this is just a start. For discussion, please see Nonfarm Payrolls Decline by 92,000 in February, Household Data Is Garbage
Annual Household benchmarks were again huge. Smoothed data not yet released.
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March 4, 2026: Strait of Hormuz Oil Bottleneck, Crude Jumps, Tanker Costs Soar 900 Percent
Trump says prices will come back down. OK when?
March 5, 2026: Trump Wants Role in Picking Iran’s Next Leader. Questions Abound
OK, how is this supposed to work?
March 5, 2026: Four Mideast Oil Producers Discuss Force Majeure to Withdraw from US Contracts
Saudi Arabia, UAE, Kuwait, and Qatar discuss canceling US investment commitments.
March 6, 2026: Irony of the Day: Trump Demands ‘Unconditional Surrender’ by Iran Without Declaring War
Unconditional surrender will take boots on the ground.
When does Trump get is Nobel Peace Prize?
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