The Price of Oil Is Surging. Here’s How It Could Get Much Worse.
Slate • • business
Key Points:
- The ongoing Middle East war, particularly the conflict involving Iran and disruptions in the Strait of Hormuz, has caused oil prices to spike to $120 per barrel and U.S. gas prices to hit four-year highs, with the administration expressing frustration and considering various responses including potential troop deployments.
- The Trump administration plans to request an additional $200 billion from Congress to fund the war effort, despite public opposition and high daily costs estimated at $1-2 billion, with Republicans possibly using reconciliation to bypass Senate filibusters.
- Oklahoma Senator Markwayne Mullin faced a contentious Homeland Security confirmation hearing marked by personal conflicts but is expected to be confirmed by the Senate soon, aided by bipartisan support.
- Illinois Democratic primaries saw Lt. Gov. Jul
