Oil Industry Giant Warns Trump Administration Against Risky Moves to Lower Prices

CME Group CEO Terry Duffy cautions that government intervention in oil markets could lead to a "biblical disaster".

Mar. 13, 2026 at 2:27pm

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Terry Duffy, the CEO of CME Group which operates the exchange where U.S. oil futures are traded, warned the Trump administration against making risky moves to bring down oil prices in response to Iran's threats to the global supply chain. Duffy said such government intervention in the derivatives markets could risk a "biblical disaster" if investors lose confidence in the markets' ability to set the price of critical commodities.

Why it matters

The Trump administration has been considering various measures, including intervention in the futures market, to try to bring down spiking oil prices. However, industry insiders like Duffy caution that this could backfire and severely undermine confidence in the markets' ability to properly price oil, a critical global commodity.

The details

According to the report, the U.S. Treasury Department is reportedly considering measures to bring down oil prices, including intervention in the futures market. The administration has also announced the release of millions of barrels of oil from the strategic reserve to try to hold off a price shock. However, Duffy warned that "markets do not like it when governments intervene in pricing" and that such a move could lead to a "biblical disaster" if investors lose faith in the markets' ability to set oil prices.

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

The players

Terry Duffy

The chief executive of CME Group, which operates the exchange where U.S. oil futures are traded.

Scott Bessent

The U.S. Treasury Secretary.

Donald Trump

The President of the United States.

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What they’re saying

“Markets do not like it when governments intervene in pricing. Such a move would risk a 'biblical disaster' if investors lost confidence in markets to set the price of critical commodities.”

— Terry Duffy, Chief Executive, CME Group (Financial Times)

What’s next

The Treasury Department is reportedly still considering various options to try to lower oil prices, including potential intervention in the futures market, despite warnings from industry insiders like Duffy about the risks of such actions.

The takeaway

This case highlights the delicate balance between government efforts to address economic concerns and the potential unintended consequences of heavy-handed intervention in complex global commodity markets. Industry experts caution that rash actions by policymakers could severely undermine confidence and stability in the oil markets, with potentially disastrous results for the broader economy.