Vance, Burgum, Wright to meet with oil lobby as gas prices soar |
Vance, Burgum, Wright to meet with oil lobby as gas prices soar
Vice President Vance, Interior Secretary Doug Burgum and Energy Secretary Chris Wright are meeting with oil executives as prices soar over the conflict in Iran.
A spokesperson for the American Petroleum Institute (API), a major oil and gas lobbying group, confirmed that the officials would attend the meeting in a statement to The Hill.
“We look forward to convening key officials — including Vice President Vance, Interior Secretary Burgum, Energy Secretary Wright, bipartisan leaders in Congress and governors — to discuss the role of American oil and natural gas in supporting reliable energy supply amid global volatility,” API spokesperson Andrea Woods said in a written statement.
The trade group’s board meets in Washington every March. According to API, its agenda and guests have been in the works for months.
The meeting comes, however, while prices are volatile as the conflict in Iran has effectively halted traffic through the Strait of Hormuz, a shipping lane that about a fifth of the world’s oil travels through.
Oil prices, and prices of fuels like gasoline and diesel that are made from oil, have skyrocketed in the wake of the attack.
On Thursday, international benchmark Brent Crude was trading at about $111 per barrel.
Higher prices could mean more profits for energy companies, but the outcome is squeezing consumers.
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