WASHINGTON, March 18 (Reuters) – U.S. Vice President J.D. Vance and Energy Secretary Chris Wright are scheduled to meet with the American Petroleum Institute (API) on Thursday as the Trump administration takes steps to deal with the recent surge in gas prices, which have risen 92 cents nationwide over the past month.
Speaking in Michigan on Wednesday, Vance told reporters the administration would make an announcement within the next 24 to 48 hours aimed at addressing rising costs at the pump. “We have a tough road ahead of us over the next few weeks, but this is temporary,” Vance said during a tour of a manufacturing facility in Auburn Hills, Michigan.
The meeting with API, the largest oil trade group in the US, will include discussions with lawmakers and governors to seek solutions to the ongoing volatility in global energy markets. An API spokesperson confirmed to Reuters that the oil industry will provide insight into market dynamics, stressing the importance of consolidating US energy leadership for the long term.
Oil prices have surged due to recent developments in the ongoing conflict in Iran. On Wednesday, Iran’s key gas field, Pars, was hit by a reported attack on its Gulf energy infrastructure. Additionally, threats to shipping near the Strait of Hormuz, a vital oil shipping route, have heightened concerns of further instability. Tehran has promised to retaliate for the attack on its gas fields, which could lead to even higher prices for consumers.
With the midterm elections approaching in November, the Trump administration is well aware that rising gas prices could hurt the Republican Party’s chances of maintaining control of Congress. “We know they’re up, and we know people are hurting because of it, and we’re doing everything we can to make sure they stay down,” Vance said, acknowledging the financial strain felt by Americans.