The U.S. Secretary of the Interior is considering various options to control oil prices.

U.S. Interior Secretary Doug Burgum said the Trump administration is weighing a range of options to deal with skyrocketing oil and gasoline prices during the Iran war. In an interview on Thursday, Burgum said, “All options are under consideration,” adding that the list of options includes both actions that could have an immediate impact and longer-term, more complex measures. U.S. President Donald Trump held a closed-door meeting with Burgum and other senior advisers on Tuesday to discuss a range of options, and then announced plans to provide insurance guarantees and dispatch a naval escort to ensure that tankers and other vessels can safely transit the Strait of Hormuz. Other possibilities include releasing crude oil from the U.S. Emergency Oil Reserves and coordinating actions with other countries to maximize the impact. However, to date, government officials have not taken steps to tap the Strategic Petroleum Reserve. Meanwhile, Burgum said details of the U.S. International Development Finance Corporation’s plans to provide insurance for tankers are still being worked out. “The team is working hard,” he said, noting that Treasury Secretary Scott Bessent and Energy Secretary Chris Wright are also involved.