One option is release from the Strategic Petroleum Reserve. But the big issue is the Strait of Hormuz operating very slowly. Fear is if it remains closed for many weeks, we'll see a further run-up, possibly into triple digits.

It's a nice idea in principle. However, it may take an awfully long time to get in place. It will be difficult for the American political system to consider covering insurance by foreign insurers for foreign ships possibly carrying oil to China.

It would take a very, very large purchase. The point would be to maintain a lid on short-term oil prices, but that usually comes at the expense of longer-term increase in prices.