Oil Industry Giant Warns Against Trump Admin's Plan to Lower Fuel Prices

CME Group CEO Terry Duffy cautions that government intervention in derivatives markets risks a "biblical disaster".

Mar. 13, 2026 at 6:35pm

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Terry Duffy, CEO of CME Group which operates the U.S. oil futures exchange, warned the Trump administration against intervening in derivatives markets to lower oil prices during the Iran war. Duffy cautioned that government pricing intervention risks a "biblical disaster" if investors lose confidence in market-set commodity prices.

Why it matters

The Trump administration is reportedly considering multiple options to combat spiking oil prices, including futures market intervention and releasing millions of barrels from the strategic reserve. Duffy's warning highlights the risks of government interference in free market commodity pricing.

The details

The Treasury Department is reportedly considering measures such as suspending federal gasoline taxes, relaxing environmental fuel rules, and temporarily banning U.S. oil exports. Recent unexplained large trades sparked speculation the Treasury Department was selling crude futures, though a source close to Treasury Secretary Scott Bessent denied market intervention. Rapidan Energy Group analysts noted the Treasury selling front-month futures is receiving unusual attention and cannot be completely ruled out despite denials.

  • On March 13, 2026, Terry Duffy spoke at a conference in Boca Raton, Florida.

The players

Terry Duffy

The CEO of CME Group, which operates the U.S. oil futures exchange.

Scott Bessent

The U.S. Treasury Secretary.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

This case highlights the risks of government intervention in free market commodity pricing, as warned by a top industry leader. It raises questions about the Trump administration's approach to addressing rising fuel prices and the potential unintended consequences of such actions.