US drivers are largely insulated from higher oil prices caused by Middle East turmoil – but only to a point

Across the US, the average cost of a gallon of regular gasoline has jumped nearly 27 cents in a week, to $3.25, and American consumers are bracing for higher prices at the gas pump as the US-Israel conflict with Iran threatens to disrupt the global oil supply.

That fear has entered the White House too, where Donald Trump’s chief of staff, Susie Wiles, is reportedly hunting for ideas to lower gasoline prices and officials are getting “screamed at” to bring good news, according to Politico.

War in oil-rich countries used to cause panic at US gas stations. Those fears have subsided somewhat as the US has become the world’s largest crude oil producer. And, despite this week’s price hikes, American consumers are somewhat insulated from the global energy shock. The supply cushion has its limits, but those limits are high: US producers can ramp up production quickly if high oil prices are sustained, and the White House is under immense pressure to keep prices low as the conflict continues.