WASHINGTON, March 18 (Reuters) — U.S. Vice President JD 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 tackle the recent surge in gas prices, which have risen by 92 cents nationwide compared to last month.
Speaking in Michigan on Wednesday, Vance told reporters that the administration will make an announcement within the next 24 to 48 hours aimed at addressing the rising costs at the pump. “There’s a rough road ahead of us for the next few weeks, but it’s temporary,” Vance said during a visit to a manufacturing facility in Auburn Hills, Michigan.
The meeting with API, the largest oil trade group in the U.S., will involve discussions with lawmakers and governors to explore solutions for the ongoing volatility in global energy markets. An API spokesperson confirmed to Reuters that the oil industry would provide insights into market dynamics while emphasizing the importance of strengthening American energy leadership for the long term.
The surge in oil prices has been fueled by recent developments in the ongoing Iran conflict. On Wednesday, Iran’s major gas field, Pars, was hit in a reported strike on its Gulf energy infrastructure. In addition, threats to shipping near the Strait of Hormuz, a critical oil shipping route, have raised concerns of further instability. Tehran has promised retaliation for the attack on its gas field, which could lead to even higher prices for consumers.
With the November midterm elections approaching, the Trump administration is keenly 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 that people are hurting because of it, and we’re doing everything that we can to ensure that they stay lower,” Vance stated, acknowledging the financial strain felt by Americans.
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