"I would say there has been a discussion. We have a lot of smart people working in this administration - a lot of smart people work in the energy trading market. An intervention to try to manipulate and lower prices would require enormous amounts of capital. That is all I will say on that front."
"His comments come as US and Israeli attacks on Iran continue to upend the global energy landscape, trapping millions of barrels of oil in the Persian Gulf, with the Strait of Hormuz effectively blocked. Global crude futures have surged more than 40% in the nearly two weeks since the conflict began, driving US gasoline prices to their highest level in 22 months."
"Separately, Burgum said that while it's been discussed, any kind of Treasury intervention is lower on the administration's list of possible moves to mitigate the surge in oil prices, below other options."
The Trump administration has explored using oil futures market trading as a strategy to combat rising crude prices following escalating US and Israeli military actions against Iran. Interior Secretary Doug Burgum confirmed discussions about potential market intervention but indicated uncertainty about whether actual intervention has occurred. He noted that effectively manipulating prices would require substantial capital investment. Global crude futures have surged over 40% since the conflict began, pushing US gasoline prices to 22-month highs. The Strait of Hormuz remains effectively blocked, trapping millions of barrels in the Persian Gulf. Burgum indicated that Treasury intervention ranks lower among administration options for addressing oil price increases.
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