The Strait of Hormuz: Trump’s Narrow Path to Lowering Gas Prices

CNN reports that amid an energy crisis and rising gas prices, Trump’s options to quickly slash prices are narrowing. While steps like draining the Strategic Petroleum Reserve and waiving Jones Act rules have been taken, analysts say the only real lever left to lower prices quickly is reopening the Strait of Hormuz. Proposals such as a federal gas tax holiday are viewed as providing little relief and could undermine highway funding, and bans on exports could destabilize markets. US oil production remains high, but a renewed Iran– Strait of Hormuz confrontation could push prices higher; reopening Hormuz is seen as the key, albeit with significant geopolitical risk.