Vance to meet with oil trade group, acknowledges 'rough road ahead' on gas prices [View all]
Source: Reuters
March 18, 2026 1:35 PM EDT Updated 3 hours ago
WASHINGTON, March 18 (Reuters) - 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. 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.
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.
Read more: https://www.reuters.com/business/energy/vance-meet-with-oil-trade-group-acknowledges-rough-road-ahead-gas-prices-2026-03-18/
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