Vice President JD Vance and senior Trump administration officials will meet oil and gas executives on March 19. The meeting at the American Petroleum Institute in Washington aims to control fuel prices during the ongoing war with Iran.
Conflict has restricted tanker traffic through the Strait of Hormuz. This chokepoint facilitates approximately 20% of global oil supplies. Rising consumer costs and market volatility have increased political pressure on the administration to intervene.
The White House is considering further actions beyond emergency reserve releases. Officials are also weighing temporary waivers for the Jones Act shipping law. Urgency spiked following an attack on Iran’s South Pars gas field on March 18. That incident caused crude oil prices to soar immediately.