Iran War: JD Vance to meet with oil trade group, acknowledges 'rough road ahead' on gas prices

U.S. Vice President JD Vance and Energy Secretary Chris Wright will meet on Thursday with the American Petroleum Institute, the nation's largest oil trade group, as the Trump administration looks to ease rising gas prices.

In the third week of the Iran war, Vance told reporters in Michigan on Wednesday the administration ‌will announce ⁠a "couple of things" ⁠in the next 24 to 48 hours to address gas prices, now up 92 cents on average nationwide compared to last month, according to travel analyst AAA.

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The U.S. has already announced plans to release crude oil from ​the nation's emergency stockpile to reduce energy prices, and on Wednesday said it would issue a 60-day waiver to U.S. shipping regulations ease fuel deliveries to the nation's ports.

The administration is ​also expected to announce soon that it will temporarily lift federal ⁠anti-smog restrictions ‌on summertime blends of gasoline to trim costs at the pumps, according to ​sources familiar ​with the matter.

At a manufacturing facility in Auburn Hills, Michigan, Vance spoke ⁠about higher gas prices and said there is a "rough road ahead of ​us for the next few weeks, but it's temporary."

An API ​spokesperson confirmed to Reuters that Vance, Wright, lawmakers and governors would meet on Thursday to discuss energy markets amid rising global volatility.

"Our industry is focused on providing insight into market dynamics and strengthening American energy leadership and resilience for the long term," the spokesperson said.

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Oil prices surged higher after Iran's major gas field, Pars, was hit on Wednesday in the first reported ‌strikes on Iran's Gulf energy infrastructure. Markets have also been rattled by threats to shipping near the Strait of Hormuz, a key oil shipping lane near Iran, ​where tankers face ​the risk of mines.

Tehran said ⁠it would retaliate throughout the Gulf for the gas field strike, which could potentially cause prices to go even higher for consumers.

The Trump administration is acutely aware that higher costs for Americans at ​the pump could hurt Republicans ahead of the November midterm elections, when the party hopes to keep control of both chambers of the U.S. 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 told the Michigan crowd.