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Chapter 1: What is the latest update on the war in Iran?
Live from NPR News in Washington, I'm Ryland Barton. President Trump says the war in Iran will end in two to three weeks. During a televised address, he said the conflict is necessary to keep Iran from building a nuclear weapon, and he blamed Iran for high oil prices.
Many Americans have been concerned to see the recent rise in gasoline prices here at home. This short-term increase has been entirely the result of the Iranian regime launching deranged terror attacks against commercial oil tankers in neighboring countries that have nothing to do with the conflict.
Trump says other nations should seize the Strait of Hormuz, adding that the U.S. doesn't need the oil and gas that comes through it. But the price of gasoline has risen more than a dollar a gallon in the U.S. since the start of the war. The national average is $4.06. In California, it's $5.89. Global crude oil prices are back down to around $100 a barrel.
They fell sharply after President Trump first indicated yesterday the U.S. could leave the war in Iran within a few weeks. NPR's Camilla Dominovsky reports.
Trump has recently threatened Iran if the Strait of Hormuz is not reopened immediately, but he's also indicated the U.S.
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Chapter 2: How are rising gasoline prices affecting Americans?
might withdraw from the conflict even if the strait remains closed, suggesting other countries should reopen it. How long traffic through the Strait of Hormuz remains disrupted is a crucial question for oil markets. Al Salazar is with the energy data company Inveris, and based on their models…
We found that for basically every month that this varies in terms of our moves closure. There's about a $10 to $15 move in our forecast.
That's per barrel. Camila Dominovsky, NPR News.
Republican leaders in Congress say they have a plan to fund the Department of Homeland Security after a month-long funding lapse, but it's not immediately clear what comes next.
NPR's Eric McDaniel has more. House Speaker Mike Johnson and Senate Majority Leader John Thune jointly announced their funding plan. They say it includes Customs and Border Protection and Immigration and Customs Enforcement, also known as CBP and ICE. Democrats have been blocking funding for immigration enforcement in a push for reform, such as body-worn cameras and a ban on masks.
after federal officers killed two American citizens in Minnesota. The GOP leaders say they'll use a budget process known as reconciliation to avoid the need for Democratic support in the Senate, which typically has a 60-vote threshold to pass this kind of legislation. If successful, their plan would fund DHS for three years past the end of Trump's time in the White House.
Eric McDaniel, NPR News, Washington.
U.S. stocks largely rose today as hopes grew that the war with Iran could end soon. The S&P 500 jumped nearly three-quarters of a percent, the Dow climbed nearly a half a percent, and the Nasdaq rose more than one percent. Shoppers increased their spending in February, particularly on cars and clothing, after pulling back at the start of the year due to severe winter storms.
You're listening to NPR News from Washington. King Charles will deliver an address to Congress at the end of the month. Queen Elizabeth II was the last British monarch to speak to Congress in 1991. Lawmakers say it's part of the 250th anniversary of the U.S. declaring independence from Britain. The speech also comes at a time of friction between the two nations.
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