Vice President JD Vance and Energy Secretary Chris Wright will reportedly meet with top oil company executives in Washington this week as the price of gas continues to surge amid the ongoing ‘Operation Epic Fury’ in Iran, sources with knowledge of the situation confirmed to POLITICO.
The American Petroleum Institution, which serves as the United States’ largest oil and gas lobbying association, confirmed Vance and Wright would address its board, which includes executives representing the world’s largest oil companies. The current national average for regular gas is $3.842, which is higher than the previous day’s average of $3.790; the previous week’s average of $3.578; the previous month’s average of $2.923; and the previous year’s average of $3.078, according to the American Automobile Association.
Oil prices have surged past $100 per barrel multiple times since the launch of ‘Operation Epic Fury’ as Iran has retaliated by stopping shipping flow through the Strait of Hormuz, which serves as a vital waterway for trade along the Persian Gulf. The U.S. Department of Energy warned that gas prices aren’t expected to drop back down to levels prior to the war in Iran until at least mid-2027 via the Financial Times.
“We’ve got a lot of costs moving their way through the system,” said Tom Kloza, an independent oil analyst. “We’re looking at some really scary inflation ratings — pervasive inflation throughout the country.”
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