The energy crisis is a financial nightmare for Main Street and a political nightmare for the White House.
Inflation is racing back to life, real wages are shrinking and voters are blaming President Donald Trump for $4.50-a-gallon gas.
Trump now faces a break-the-glass moment to avoid gas prices from blowing past Biden-era records highs.
Yet Trump has already taken emergency steps designed to limit the damage. His administration is draining oil from America’s stockpile at the fastest pace on record. Shipping restrictions have been waived. Some sanctions on Russia and Venezuela have been eased.
While other ideas have been floated, such as suspending the federal gas tax, the reality is Trump really only has one lever left to slash gas prices: Get the Strait of Hormuz reopened — one way or another.
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