Key insights
- The Trump administration is considering measures to increase US oil production to offset potential supply disruptions from the Iran war. This could involve easing regulations to expedite production. Increased US oil output could put downward pressure on oil prices, benefiting consumers and potentially boosting energy-intensive sectors, but may negatively impact energy companies.
WASHINGTON, April 30 (Reuters) - The Trump administration is talking to oil companies and considering measures to increase production in the United States "really soon" to ease the impact of the Iran war on energy supplies, White House economic adviser Kevin Hassett said on Thursday.
"We’ve been in constant communication with the oil companies, and have been considering measures that we could take here in the U.S. to increase U.S. production really soon," Hassett told reporters at the White House.
"There are things, regulations that are holding up, like how quickly stuff could come through ... and we’re studying those, how we can change those, and we’ve been talking to oil companies about that," he added.