The US Secretary of the Interior said that various options for controlling oil prices are being considered.

US Secretary of the Interior Doug Bergum said that the Trump administration is weighing a series of options to address the surge in oil and gasoline prices during the Iran war. Bergum said in an interview on Thursday, "All options are being considered," and added that the list of options includes both actions that could have an immediate impact and longer-term, more complex solutions. President Trump held a closed-door meeting on Tuesday with Bergum and other senior advisors to discuss a range of options, subsequently announcing plans to provide insurance coverage and send naval escorts to ensure the safe passage of oil tankers and other ships through the Strait of Hormuz. Other possibilities include releasing crude oil from the US emergency oil reserves and potentially coordinating with other countries to maximize effectiveness. However, government officials have not yet taken measures to tap into the strategic petroleum reserves. Meanwhile, Bergum said that the details of the plan for the US International Development Finance Corporation to provide insurance for oil tankers are still being finalized. "The team is working hard," he said, mentioning that Treasury Secretary Scott Benson and Energy Secretary Chris Wright are also involved.