Vice President Vance to meet with oil industry as fuel prices surge
Vice President JD Vance and Energy Secretary Chris Wright will meet with the oil industry on Thursday as the White House looks for ways to address rising fuel prices.
U.S. governors and bipartisan leaders in Congress will also attend the meeting at the American Petroleum Institute in Washington. API is the lobbying group that represents all major U.S. oil and gas companies.
Participants will discuss “supporting reliable energy supply amid global fluctuations,” an API spokesperson told CNBC.
Vance said Wednesday that the White House will announce additional measures to address rising fuel prices in the next 24 to 48 hours.
“We have a problem, we know we have a problem, and we’re doing everything we can to solve it,” Vance said at an event in Auburn Hills, Michigan. “It’s a tough road ahead for the next few weeks, but it’s temporary.”
Diesel prices rose above $5 per gallon for the first time since 2022 as the Iran war triggered the largest oil supply disruption in history. Prices have risen nearly 35 percent since the United States and Israel attacked the Islamic Republic, according to data from travel association AAA.
Gasoline prices in the US increased by an average of 29% to $3.84 per gallon.
President Donald Trump on Wednesday issued a two-month waiver of the Jones Act in an effort to curb rising costs. The Jones Act requires U.S. ships to transport goods between local ports. The exemption would allow foreign ships to transport oil and other energy resources in the United States, potentially reducing shipping costs.
The United States will also extract 172 million barrels of oil from the Strategic Petroleum Reserve. The action is part of broader efforts by more than 30 countries to inject 400 million barrels of oil into the market.
