White House says it's not planning oil or gas export restrictions

The Trump administration doesn't plan to thwart U.S. oil exports as officials scramble for ways to temper energy price spikes. Why it matters: Rumors of restrictions have swirled in recent days, and would represent a sea change after years of expanding shipments that have made the U.S. a huge player in global markets.

Driving the news: "Oil and gas export restrictions are not under consideration," an administration official said Thursday via email. What they're saying: Some analysts have criticized the idea of restricting exports.

"While legally feasible, export restrictions would likely backfire — offering limited relief to US consumers while imposing economic and geopolitical costs," scholars with Columbia University's energy think tank said in a post on Wednesday.

Between the lines: It had looked like the oil market was pricing in the possibility that the U.S. would put export restrictions in place, Goldman analysts wrote in a note yesterday.

That belief may have been keeping prices for U.S.-produced crude oil, or WTI, lower than the price of Brent crude, the global benchmark. But by Thursday afternoon the two benchmarks had moved closer together.

Catch up quick: Administration officials have been looking to pull multiple levers to loosen the market as prices soar.

U.S. average gasoline prices have risen by nearly 90 cents per gallon since the conflict began, per AAA. Recent days and weeks have brought announcements of providing oil from the Strategic Petroleum Reserve, waiving sanctions on Russian oil, and waiving rules on which ships can carry good among U.S. ports.

What we're watching: The next efforts, which could include waiving sanctions on Iranian oil, Treasury Secretary Scott Bessent said.