Vance says rising gas prices a ‘temporary blip’

Vice President Vance referred to high gas prices as a result of the war in Iran as “a temporary blip” during remarks Wednesday in Michigan.

“Look, gas prices are up, and we know they’re up, and we know that people are hurting because of it, and we’re doing everything we can to ensure that they stay lower,” Vance said when asked about rising gas costs by a reporter at a campaign-style stop in Auburn Hills, Mich.

“The president said this, and I certainly agree with it: This is a temporary blip,” he continued.

Vance went on to note that current gas prices were not as high as gas prices were during the Biden administration. In June 2022, the average price of gas in the U.S. topped $5.

“It’s not going to last forever,” he said, referring to gas prices being high because of the war. 

“We’re going to take care of business, we’re going to come back home, and when that happens, you’re going to see energy prices come back down to reality,” he said. 

On Wednesday, Brent crude spiked 5 percent, hitting close to $109 a barrel. And  AAA reported the average national gas price at $3.84.

Earlier in the day, the administration indicated it would issue a 60-day waiver of the Jones Act, according to a post from White House press secretary Karoline Leavitt, which requires shipping between U.S. ports to be conducted by U.S.-flagged ships. The waiver could allow foreign ships to carry products including oil, coal, gasoline and other products made from oil, natural gas, fertilizer and more.

Vance’s comments echo those of Trump and other administration officials who have maintained that oil prices will decline once the U.S. operation in Iran wraps. 

“I think your gas prices, as soon as that’s over, are going to come tumbling down along with everything else,” Trump said on Friday. “I think it’s going to be, you’re going to see a very big decrease in the price of gasoline, gas, anything having to do with energy, as soon as this has ended.”

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