Bloomberg: “Cuba said the country has completely run out of the diesel and fuel oil it needs to keep its power plants running, with civil unrest starting to break out amid a de facto US energy blockade of the communist-run nation.”
Exchange of the Day
Interior Secretary Doug Bergum was questioned at a House hearing by Rep. Jared Huffman (D-CA):
BURGUM: When the sun goes down, solar produces zero electricity.
HUFFMAN: I want to enter into the record this amazing new technology that apparently the secretary is unaware of — it’s a battery.
John Thune Cools on Gas Tax Holiday
Punchbowl News: “Trump’s push for a federal gas tax holiday isn’t going over well with Senate Republicans. Thune was more critical of the idea on Tuesday than he was even the day before.”
“Thune wouldn’t commit to holding a standalone floor vote on a gas tax suspension, saying it was more likely that a vote would occur as an amendment to a different bill.”
Said Thune: “That does, obviously, impair significantly the highway trust fund, which is already getting transfers from the general fund because it’s not keeping up. I’m not discounting it, but I’m saying there are implications around that that we need to think about.”
Trump Faces Uphill Climb on Suspending Gas Tax
“President Trump’s endorsement of suspending federal gas taxes pushes the idea higher on the political radar, but it still faces long odds,” Axios reports.
“Why it matters: Some Republicans rushed to introduce bills, and a few Democrats have already endorsed the idea — but there are still serious obstacles that could keep Trump’s comments from becoming reality.”
Trump Says It’s ‘Genius’ That the Strait Is Closed
President Trump told reporters the loss of the Strait of Hormuz is “genius” because countries are buying their oil from Texas now.
Said Trump: “It’s sort of amazing.”
Gas Prices Are About to Get Even Worse in California
Wall Street Journal: “A supertanker docked in Long Beach just delivered California’s last incoming shipment of Middle Eastern oil, a milestone for drivers already paying the nation’s highest fuel prices.”
“After the New Corolla fully discharges its Iraqi oil at the berth, another tanker carrying Middle Eastern crude won’t dock in California until months after the Strait of Hormuz waterway reopens.”
Trump Admits Gas Prices Are a Problem
President Trump said Monday that the ceasefire with Iran is on “massive life support,” Punchbowl News reports.
“More tension or new military clashes with Iran means even higher gas prices that could trigger a worsening political climate for Republicans. To that end, Trump also said Monday he’d like to pause the federal gas tax. Presidents occasionally propose this when gas prices spike. The only difficulty is that Congress needs to agree to this first.”
“Plus, by doing this, Trump is effectively admitting that high gas prices – which he claimed were temporary – are here to stay and a problem for Republicans heading into November.”
CNBC: Trump and congressional Republicans float suspending federal gas tax amid Iran war.
Trump Floats Temporary Gas Tax Suspension
President Trump told CBS News that he would like to pause the federal 18.4 cents a gallon tax on gasoline “for a period of time” — though it’s unclear how much of the tax cut would reach consumers at the pump.
Bloomberg: “The average national price for regular gasoline has surged since the US and Israel attacked Iran in February, reaching $4.52 a gallon as of Sunday.”
Republicans Don’t Want to Talk About Gas Prices Anymore
NOTUS: “The same party that spent years pinning every penny increase at the pump on former President Joe Biden is now scrambling to explain why prices have surged to their highest level in years.”
Oil Climbs as Hormuz Stays Shut
Oil prices rose after President Trump rejected Iran’s response to his latest peace proposal, prolonging the effective closure of the crucial Strait of Hormuz, Bloomberg reports.
New York Times: “As gas prices remain elevated in the United States, Chris Wright, the energy secretary, said on Sunday that the Trump administration would be open to pausing the federal gas tax, which accounts for 18.4 cents of the per gallon price of gasoline.”
Oil-Price Bets Totaled $7 Billion
Reuters: “A series of well-timed market bets on falling oil prices totaling as much as $7 billion during March and April spread across multiple exchanges and types of fuel and derivatives just before major Iranian policy announcements by President Donald Trump.”
Gas Prices Won’t Return to Pre-War Levels Soon
Axios: “Even if the Strait of Hormuz opened right away, pump prices will likely remain higher — maybe a lot higher — than pre-war levels at least through the midterm elections.”
“U.S. retail prices are tethered to global oil markets that will be in turmoil for a while.”
Grand Theft Oil Futures
Paul Krugman: “At this point it’s almost routine: Almost every time Donald Trump makes a major announcement about the Iran War, that announcement is preceded — sometimes by only a few minutes — by huge and hugely profitable bets in the oil market…”
“What’s truly remarkable is that this keeps happening even though the pattern has become familiar. This tells us two things: The Trump administration is making no real effort to crack down on whoever is trading using inside information, and these inside traders are operating with a complete sense of impunity, assured that they can get away with it.”
“The stench of corruption is overwhelming.”
Oil Pumping Site Deep Inside Russia Could Be Ablaze
Bloomberg: “An oil-pumping station deep inside Russia could be on fire again just days after being hit by Ukrainian drones.”
Jet-Fuel Prices Are Spiking
“Former New Hampshire Gov. Chris Sununu delivered a warning to Treasury Secretary Scott Bessent during a recent visit to Washington: Already-high airfares will surge if the war in Iran doesn’t end soon,” the Wall Street Journal reports.
“Sununu, a Republican who represents some of the biggest airlines as the president of the industry group Airlines for America, has for weeks sounded the alarm to Trump administration officials about the economic fallout from high jet-fuel prices. The war, Sununu has argued, must come to a close soon, or things will get worse.”
Trump Says Oil at $200 a Barrel Would Be Worth It
President Trump said he was surprised the price of oil hadn’t been driven higher by the Iran war, but even if it reached $200 a barrel, the conflict was worth it, the Wall Street Journal reports.
Said Trump: “I thought oil prices would go to $200, $250. You’re surprised and I’m surprised. But even if it went to $200, it would have been worth it.”
U.S. Considers Tapping Oil Under Military Bases
Bloomberg: “The Trump administration is studying using oil under land at US military bases and other Department of War sites to help refill the nation’s depleted emergency reserves.”
Gasoline Prices Hit $4.50
Bloomberg: “The nationwide average retail price for regular unleaded gasoline rose to $4.54 a gallon on Tuesday, according to the American Automobile Association, and is now around 50 cents off the record $5.01 set in June 2022.”
“On a seasonal basis, prices are already at an all-time high for this time of year.”
- « Previous Page
- 1
- …
- 7
- 8
- 9
- 10
- 11
- …
- 50
- Next Page »
Taegan Goddard
Taegan Goddard is the founder of Political Wire -- which for more than two decades has been one of the nation's most influential political news sites.
More about Taegan Goddard →