US Will Take Action to Mitigate Oil Price Spike for Americans, Rubio Says

REUTERS–The United States will take action to mitigate rising energy prices due to a spike in the price of oil caused by the Iran conflict, U.S. Secretary of State Marco Rubio said on Monday.

Speaking to reporters on Capitol Hill, Rubio said Treasury Secretary Scott Bessent and Energy Secretary Chris Wright would announce the plans on Tuesday.

“Starting tomorrow, you will see us rolling out those phases to try to mitigate against that … We anticipated this could be an issue,” Rubio said.

Oil and gas prices surged on Monday following Israeli and U.S. strikes on Iran and retaliation by Tehran that forced shutdowns of oil and gas facilities across the region and disrupted shipping in the crucial Strait of Hormuz.

The Energy and Treasury Departments did not immediately respond to a request for comment.

Originally published by Reuters

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