I'm Jerry Willis, and this is the Fox Business Rundown.

Friday, March 13th, 2026.

Heightened prices are stirring in fresh inflation fears,

but President Trump is trying to cool concerns about rising oil prices

that spiked above $100 per barrel this week.

Can the administration put the brakes on surging gas prices?

Once we get back to normalcy in terms of world oil production and world oil demand,

that we could see the price of gasoline go below $2 a gallon.

Joint military operations between the U.S. and Israel continue in Iran the price of gasoline go below $2 a gallon.

Joint military operations between the U.S. and Israel continue in Iran, where traffic in the Strait of Hormuz has slowed, open only to Iranian and Chinese flag transports.

The result, gas prices ticking to highs that haven't been reached in years.

The U.S. weighing how to ensure safety for

commercial shipping and the straight, a vital choke point for 20% of the world's oil, as Tehran

threatens to shut down the route completely. The Trump administration plans to release millions

of barrels of oil from the Strategic Petroleum Reserve in an effort to cushion the blow.

How effective will that decision prove to be and how is this impacting our economic outlook?

Oil and energy are key to everything we produce.

Steve Moore is a former senior economic advisor to President Trump and the co-founder of Unleash

Prosperity Now.

And so historically, over the last 50 or 60 years, we've seen every time the gas price

and the oil price goes up, so do the consumer price index.

We're buying everything from a home to groceries to health care.

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