Trump meets oil execs on Iran blockade, gas prices
Get the Geopolitics newsletter
Daily geopolitics — wars, elections, sanctions, the diplomatic moves that move markets. Free.
- President Trump met with oil and gas executives at the White House on Tuesday to discuss the energy fallout of the Iran war and a possible prolonged blockade.
- Mike Wirth (Chevron CEO) attended the meeting, confirming Chevron's participation.
- Scott Bessent hosted the meeting, with Vice President Vance, White House chief of staff Susie Wiles, and envoys Steve Witkoff and Jared Kushner also present.
- White House officials discussed steps to continue the current blockade for months if needed while minimizing impact on American consumers.
- U.S. gasoline prices rose to $4.23 per gallon, the highest level since the war began and since 2022.
- The White House waived the Jones Act to ease price increases, but options to mitigate the market shock remain limited.
Why it matters: U.S. consumers face record gasoline costs while the administration seeks to preserve oil supply, benefitting domestic producers and exporters but pressuring policymakers to balance market stability with geopolitical goals; the meeting underscores the limited policy tools available as the White House has already waived the Jones Act but still struggles to ease the shock.
