The White House isn't panicking about oil prices. That may change in a few weeks.

The Trump administration believes it can withstand a brief spike in oil prices — for as many as four weeks, as one person close to the White House suggested — before the political hit does lasting damage.

Administration officials' confidence was bolstered Tuesday when oil dropped to $80 per barrel, down from $120 this weekend, reinforcing their view that the spikes are temporary and manageable.