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Prices of fuels like diesel and jet fuel are surging as refineries in the region reduce production or shut completely, while fuel makers elsewhere balk at high crude prices.

President Trump is preparing to invoke Cold War-era powers to pave the way for renewed oil production off the Southern California coast, a long-shot bid to help ease the global crude crunch.

The data has been overtaken by a conflict that began when the U.S. and Israel attacked Iran on Feb. 28. Gas prices have jumped sharply and are expected to fuel higher costs broadly. 

The announcement came as the White House sought to quell concerns about rising energy prices due to the war in Iran. Trump is weighing several possible options to lower the cost of oil and gasoline.

The Paris-based organization said it will make 400 million barrels of oil available from its members’ emergency reserves in an effort to calm surging oil prices.

Freightliner and Western Star customers will be able to choose from six Cummins engines for model-year 2027 trucks, including the first gasoline option Freightliner will make available.

Iran has effectively stopped cargo traffic in the Strait of Hormuz through which about a fifth of all oil is shipped. It has also targeted oil fields and refineries in Gulf Arab nations.

President Donald Trump’s efforts to stabilize prices at the pump underscore the unique role oil and gasoline play in the economy — and American voters’ perceptions of it. 

The U.S. raised its forecast for domestic oil production next year after the recent surge in prices due to supply disruptions from key Middle East countries.

If Exxon’s move happens, corporate governance matters such as company bylaws, fiduciary duties of directors and shareholder voting rights would be shifted to comply with Texan law.