The White House judges extreme plan for oil prices to exceed $150 or use emergency powers to curb fuel costs

As the war with Iran enters its second month, senior White House aides and administration officials are discussing the possibility of oil prices soaring to a record of $150 a barrel or higher, according to people familiar with the matter and sources close to the White House.<br /> Two industry officials in contact with the White House said White House officials are assessing the impact of high oil prices on the economy and considering measures to reduce costs, including using additional emergency powers. Trump also listened to the Treasury Department's report on the near-term outlook for energy prices. The U.S. Treasury Department currently believes that oil prices may remain above $100 a barrel for some time.<br /> People familiar with the matter said the government views this figure as a "baseline" and does not rule out the possibility of oil prices rising to $200 a barrel. Another official familiar with the matter revealed that the government is trying all possible ideas to ease oil prices, including exercising emergency powers and responding to supply chain disruptions in the Strait of Hormuz on defense grounds.