Vice President JD Vance and Energy Secretary Chris Wright are scheduled to sit down Thursday with representatives from the American Petroleum Institute, the country’s top oil industry organization, as the Trump administration seeks solutions to climbing fuel costs.
Speaking to reporters Wednesday in Michigan during the ongoing Iran conflict’s third week, Vance indicated the administration plans to reveal a “couple of things” within the next day or two aimed at tackling gas prices, which have climbed an average of 92 cents per gallon across the nation since last month, based on AAA data.
During his visit to a manufacturing plant in Auburn Hills, Michigan, the Vice President addressed the escalating fuel costs and acknowledged there’s a “rough road ahead of us for the next few weeks, but it’s temporary.”
A representative from the American Petroleum Institute verified to Reuters that Thursday’s gathering will include Vance, Wright, congressional members, and state governors to examine energy markets during current global instability.
“Our industry is focused on providing insight into market dynamics and strengthening American energy leadership and resilience for the long term,” the organization’s spokesperson stated.
Petroleum prices jumped Wednesday following strikes on Iran’s significant Pars gas field, marking the first documented attacks on the nation’s Gulf energy facilities. Additional market concerns stem from shipping threats around the Strait of Hormuz, a crucial petroleum transport route near Iran where vessels face potential mine dangers.
Iranian officials announced plans for Gulf-wide retaliation following the gas field attack, potentially driving consumer prices even higher.
The current administration recognizes that increased pump prices for Americans could damage Republican prospects in November’s midterm elections, where the party aims to maintain congressional control in both houses.
“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 addressed the Michigan audience.
