POLITICO Energy The global energy markets are rattled. Will the US economy follow?
Mar 6, 2026
Victoria Guida, POLITICO economics correspondent who tracks inflation and macro impacts, and Ben Lefebvre, deputy energy editor covering U.S. energy policy, unpack rising oil and gasoline costs after U.S. action on Iran. They discuss White House scramble over fuel prices. They cover private policy ideas like tanker escorts and tax moves. They talk risks if disruption drags on and the political fallout heading into 2026.
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White House Racing To Curb Oil Price Shock
- The White House urgently shifted focus to rising oil and gasoline prices after U.S. and Israeli strikes on Iran disrupted tanker routes through the Strait of Hormuz.
- Ben Lefebvre reported officials moved from military planning to scramble on energy options as tankers stalled and global prices climbed.
Spaghetti Policy Ideas To Lower Gas Prices
- The administration is considering many stopgap ideas to blunt gasoline pain, from naval escorts to suspending the 18¢ federal gas tax, though each has practical limits.
- Ben cautioned tax suspension needs Congress and may not translate to lower pump prices if companies don't pass savings along.
Military Voices Overtook Energy Experts Initially
- War hawks dominated early internal discussions while energy officials kept quieter, possibly to limit leaks before military action.
- Ben said Energy Secretary Chris Wright and Interior Secretary Doug Burgum were less vocal despite their roles on the National Energy Dominance Council.