Markets 
The Trump administration is working to lower gas prices as motorists continue to pay more at the pump since the outbreak of the Iran war, Vice President JD Vance said Wednesday, noting that the increase is temporary.
Vance was at the Engineering Design Services, Inc. manufacturing plant in Auburn Hills, Michigan, where he was asked about rising gas prices.
“Gas prices are up, and we know they’re up,” Vance said. “We know that people are hurting because of it, and we’re doing everything that we can to ensure that they stay lower.”
Vance said prices will eventually start to decline.
AMERICANS HIT WITH SOARING ELECTRICITY BILLS AS PRICE HIKES OUTPACE INFLATION NATIONWIDE
“The president said this, and I certainly agree with it. This is a temporary blow,” he said. “What happened under the Biden administration is that gas prices were high for four years. Gas prices are higher right now, and frankly, they’re not even as high as they were during certain parts of the Biden administration.”
Prices have steadily risen following U.S. and Israeli attacks against Iran in recent weeks.
As of Wednesday, the average price for a regular gallon of gas was $3.84, up from $2.92 a month ago, according to AAA.
GAS PRICES SURGE, PINCHING AMERICANS AND HANDING THE GOP A NEW MIDTERM HEADACHE
In recent weeks, the administration has worked with its allies to release hundreds of millions of barrels of oil from petroleum reserves in an effort to put downward pressure on prices, Vance said.
Many U.S. allies are “suffering” much more than many Americans, Vance said.
“So as much as we’ve got to focus on getting these gas prices down, the reality is, overseas they’re feeling it far worse than we did because we’ve taken the steps to protect our energy economy.”
Once military operations against Iran conclude, prices should decrease to previous levels, said Vance.
CLICK HERE TO GET FOX BUSINESS ON THE GO
“We promise that when this conflict draws to a close, when this operation draws to close, we’re going to see those energy prices come back down to reality, because that’s what the president promised to do,” he said. “He delivered an energy-dominant agenda. It’s made us much more secure in the face of these things. But yeah, we’ve got a rough road ahead of us for the next few weeks, but it’s temporary.”
The U.S. produces more oil than any other country, according to the Energy Information Administration (EIA). As of 2023, the latest data available, the U.S. produces 1roughly3 millions barrels per day, followed by Russia and Saudi Arabia.
Read the full article here
