Trending Now - Bipartisan Talks Emerge as Energy Prices Prompt Urgent Reforms

WHO:

U.S. Senator Ruben Gallego (D–AZ)

U.S. Representative Sam Liccardo (D-Calif.)

Treasury Secretary Scott Bessent

Energy Secretary Chris Wright

U.S. Ambassador to the United Nations Mike Waltz

Senate Minority Leader Chuck Schumer (D-NY)

Senator John Kennedy (R-LA)

President Donald Trump

WHAT:

Congressional Democrats, including Rep. Sam Liccardo and Sen. Ruben Gallego, demanded the Trump administration reverse a sanctions waiver allowing Indian refiners to purchase Russian oil, stating it is "dangerous, self-defeating, and indefensible."

Oil prices surged, with U.S. crude oil topping $108 per barrel and Brent approaching $110 per barrel on March 8th, 2026.

The national average price for regular gasoline rose to $3.45 per gallon on March 8th, 2026, up 14% in the past week.

President Trump stated, "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace," in a Truth Social post on March 8th, 2026.

Trump told ABC News that the higher gas prices are "a little glitch," and he believes they will stabilize soon.

Senate Minority Leader Chuck Schumer called for Trump to release oil from the Strategic Petroleum Reserve, which holds about 415 million barrels of oil.

Trump indicated that the U.S. government would provide risk insurance and guarantees for vessels in the Strait of Hormuz, and if necessary, the U.S. Navy would escort tankers through the strait.

Gas prices skyrocketed to a national average of $3.47 per gallon on March 9th, 2026, up nearly 50 cents from the previous week.

Oil prices surpassed $100 per barrel for the first time since Russia's invasion of Ukraine in 2022 on March 9th, 2026.

President Trump stated, "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace," in a Truth Social post on March 8th, 2026.

A poll released by NBC News on March 8th, 2026, found that 36% of registered voters approve of Trump's handling of inflation and the cost of living, while 62% disapprove.

Trump told ABC News on March 8th, 2026, that the higher gas prices are "a little glitch."

Patrick De Haan, a petroleum analyst at GasBuddy, warned that gasoline prices could increase another 15 to 35 cents per gallon over the next three days, and diesel prices could jump 35 to 50 cents per gallon.

Congressional Democrats demanded the reversal of a sanctions waiver allowing Indian refiners to purchase Russian oil.

A temporary 30-day sanctions carve-out was issued by the Treasury Department to allow India to buy Russian oil.

U.S. crude oil prices topped $108 per barrel, and Brent approached $110 per barrel.

U.S. gasoline prices rose to $3.44 per gallon.

The national average price for regular gasoline was $3.32 per gallon as of March 6th, 2026.

Diesel prices reached $4.33 per gallon, the highest since November 2023.

The U.S. economy lost 92,000 jobs in February 2026.

The Strategic Petroleum Reserve holds about 415 million barrels of oil.

WHERE:

Washington, D.C.

Strait of Hormuz

Richardson, Texas

WHEN:

The sanctions waiver allowing India to buy Russian oil was issued on March 4th, 2026.

The letter from Gallego and Liccardo demanding the reversal of the sanctions waiver was sent on March 8th, 2026.

The sanctions waiver was issued on March 4th, 2026.

The letter from Gallego and Liccardo was sent on March 8th, 2026.

The war with Iran began on February 24th, 2026.

The national average gasoline price rose 14% in the week leading up to March 8th, 2026.

WHY:

The sanctions waiver was intended to alleviate skyrocketing oil prices caused by the war with Iran.

Democrats argue that the waiver benefits Russia and undermines U.S. military efforts in the region.

HOW:

Trump indicated that the U.S. government would provide risk insurance and guarantees for vessels in the Strait of Hormuz, and if necessary, the U.S. Navy would escort tankers through the strait.

The waiver allows Indian refiners to purchase Russian oil for 30 days.

Trump administration officials defended the decision by stating it would alleviate pressure on the global market.

Energy Secretary Chris Wright claimed that the elevated energy prices would be temporary and attributed price increases to "fear and perception."

(UPDATED March 10, 2026 01:22 UTC)

Congressional Democrats, including Rep. Sam Liccardo and Sen. Ruben Gallego, are calling on Trump to reverse a sanctions waiver that allows Indian refiners to purchase Russian oil, labeling it as "dangerous, self-defeating, and indefensible." Oil prices have surged recently, with U.S. crude oil exceeding $108 per barrel and the national average price for regular gasoline rising to $3.45 per gallon, which is a 14% increase in just the past week. In response, Trump suggested that the higher gas prices are merely a "little glitch" and expressed confidence that they will stabilize soon, while also proposing that the U.S. government provide risk insurance for vessels in the Strait of Hormuz.

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(UPDATED March 9, 2026 21:05 UTC)

Gas prices have surged to a national average of $3.47 per gallon today, marking an increase of nearly 50 cents from last week, while oil prices have also crossed the $100 per barrel threshold for the first time since Russia's invasion of Ukraine. In a Truth Social post yesterday, Trump commented that the short-term rise in oil prices is a minor issue compared to the safety and peace of the U.S. and the world, and he referred to the higher gas prices as "a little glitch." Meanwhile, petroleum analyst Patrick De Haan has warned that gasoline prices could rise another 15 to 35 cents per gallon in the coming days, with diesel prices potentially jumping even higher.

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(UPDATED March 9, 2026 17:16 UTC)

In a significant move, Congressional Democrats, including Senator Ruben Gallego and Representative Sam Liccardo, have demanded the reversal of a sanctions waiver that allows Indian refiners to purchase Russian oil, which was issued just last week. This comes as U.S. crude oil prices have surged past $108 per barrel, leading to a rise in gasoline prices to an average of $3.44 per gallon, while the U.S. economy faced a loss of 92,000 jobs in February. Energy Secretary Chris Wright defended the waiver, claiming it would temporarily alleviate pressure on the global market, despite concerns that it benefits Russia and undermines U.S. military efforts in the region.