Industry officials have already warned the White House that the prices could spike yet again due to rapidly diminishing inventories, reported The Washington Post Thursday.
“We’re sounding the alarm on these inventories going to record lows,” American Petroleum Institute CEO Mike Sommers told Fox Business. “We have to solve this problem in the Strait of Hormuz.”
“I have absolutely no doubt the White House—from the president on down—is fully aware of the nearly universal alarm among oil companies and analysts about the direction of travel for oil prices this summer,” Bob McNally, a former Bush administration energy adviser, told the Post.
“I love it,” he insisted, pledging that oil prices will drop “like a rock” when the war ends.
“If we need to negotiate with bombs, we will negotiate with bombs,” Defense Secretary Pete Hegseth said Wednesday. “We will strike them hard tonight and hopefully Iran makes a good decision.”
Instead, as millions of Americans struggle with the rising cost of living and companies contend with rattled supply chains, the president’s inner circle fear that it might be too late to fix the problem for Trump’s midterm-dependent acolytes.
“Whether it’s peak inflation or not, it doesn’t matter,” one former Trump administration official told Politico. “The die has been cast in terms of how people are looking at the economy.”
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