Per bloomberg
The Trump administration has discussed trading in the oil futures market as a strategy to help curb surging crude prices amid the war in Iran, Interior Secretary Doug Burgum said.
Burgum, however, said he wasn’t aware whether the US had actually intervened in the market at this point.
“I would say there has been a discussion. We have a lot of smart people working in this administration — a lot of smart people work in the energy trading market,” Burgum said during an interview with Bloomberg Television in Tokyo on Saturday. “An intervention to try to manipulate and lower prices would require enormous amounts of capital. That is all I will say on that front.”
His comments come as US and Israeli attacks on Iran continue to upend the global energy landscape, trapping millions of barrels of oil in the Persian Gulf, with the Strait of Hormuz effectively blocked.
Global crude futures have surged more than 40% in the nearly two weeks since the conflict began, driving US gasoline prices to their highest level in 22 months.
Burgum, who is in Tokyo ahead of Japanese Prime Minister Sanae Takaichi’s March 19 visit to Washington, will attend the first-ever US-sponsored Indo-Pacific Energy Security Ministerial and Business Forum this weekend. The event comes as the White House pushes to reduce US dependence on China and diversify supply chains for critical minerals used in mobile phones, batteries and other products.
Read More: Asia Set to Pledge $30 Billion in Energy, Mineral Deals With US
Separately, Burgum said that while it’s been discussed, any kind of Treasury intervention is lower on the administration’s list of possible moves to mitigate the surge in oil prices, below other options. He declined to specify what those other possibilities might be.
US Officials Have Discussed Trading Oil Futures, Burgum Says
byu/jetbridgejesus inwallstreetbets
Posted by jetbridgejesus
21 Comments
destroy the integrity of the futures market. what could go wrong?
What.
damn i should’ve bought calls
This administration has forgotten about the shareholders. Their only job is to increase shareholder value and I’m not impressed…
what if we all in on oil futures and blow up the oil fields? oil to 300 and we wipe out the national debt?
They are literally trying to destroy the economy/America lol.
So they’re already doing it
Ol Teflon Don has been insider trading for quite some time now.
They have been shorting CL from the treasury account for the last week lol
They about to short oil futures lmao
What if we tokenize oil on the block chain? Then we don’t need to worry about the strait
Every day I think we’ve seen it all. But somehow they managed to find something new.
Calls it is.
First thing he says ” We have a lot of smart people working in this administration.”
Yea about that…
So wait…are these retards naked shorting oil futures?
Jesus fuck. Did we learn nothing from the GameStop fiasco? I guess not…
are they going to create oil out of thin air???
I’m putting “the US gov gets short-squeezed while trying to push lower the price of oil” in my bingo card.
So the U.S. single-handedly blocked off one of the most important trade routes in the world by attacking a country they imagined would just roll over and die and forget about what they did just 40 years ago?
I like this timeline.
If they do this, they’ll have some great loss porn to post here. Its not going to work whatsoever
Please put your money into the market. It’s a compounding miracle. Definitely not fake and gay
Oh my god. What the fuck?
Everyone complaining that this is unprecedented has no idea how the mortgage bond market works, or what QE is.
The government has been doing this on a much larger scale for over a decade.
We live in a regarded timeline where we get to short squeeze the US treasury for shorting oil futures.