US Vice President Vance and Energy Secretary Wright are scheduled to meet with the American Petroleum Institute (API) later on Thursday (March 19) to discuss strategies for addressing the surge in oil prices. The API, the largest oil trade organization in the United States, stated that the meeting aims to "discuss energy market issues amid heightened global market volatility." Vance acknowledged that the oil price crisis triggered by the blockade of the Strait of Hormuz will be difficult to resolve in the short term. He emphasized that the administration will announce "several measures" within the next 24 to 48 hours in an attempt to stabilize market expectations and public sentiment. During the Asian trading session on Thursday, US crude oil prices trended higher, currently trading near $98.15 per barrel, representing an intraday gain of approximately 2.8%.

Vance admitted that the coming weeks will be challenging but pledged to announce several measures within 24-48 hours. Speaking in Michigan on Wednesday local time, Vance stated, "We are going to face a difficult period in the coming weeks, but this is only temporary." He concurrently promised that the administration would announce "several measures" within 24 to 48 hours. Addressing the public at a manufacturing plant, Vance emphasized, "We know that gasoline prices have increased, and we know people are suffering because of it. We are doing everything we can to ensure prices remain at lower levels." These remarks reflect the administration's political anxiety under the pressure of high oil prices, particularly with midterm elections approaching.

The national average gasoline price has risen by 92 cents compared to last month, causing significant hardship for the public. According to data from the American Automobile Association (AAA), the current national average price for gasoline has increased by 92 cents compared to the previous month. The primary reasons for the sharp price surge are the near-total halt of shipping through the Strait of Hormuz and the disruption to one-fifth of global oil supplies. Vance acknowledged the immense pressure on the cost of living for the public but stressed that this is "temporary," attempting to reassure voters. Persistently high gasoline prices have directly impacted transportation, logistics, and commodity prices, amplifying inflation concerns.

API pledges to conduct in-depth analysis of market dynamics and strengthen US energy resilience. A spokesperson for the American Petroleum Institute stated that the industry is committed to "conducting an in-depth analysis of market dynamics" and, from a long-term perspective, "strengthening US energy leadership and resilience." As the largest oil trade organization in the US, the API will explore countermeasures with the government during the meeting scheduled for later Thursday. The oil industry's statement of cooperation is intended to demonstrate a united front with the government. However, the actual effectiveness will still depend on the situation in the Middle East and the pace of global supply recovery.

Attendance by multiple members of Congress and governors highlights the severity of the crisis. The Thursday meeting will be attended by several members of Congress and state governors, underscoring that the oil price crisis has escalated to a national-level political issue. Manufacturing and agricultural hubs like Michigan are among the hardest hit by high oil prices, placing immense pressure on local officials. The meeting will discuss not only short-term relief measures but also long-term energy security and supply chain resilience. The administration is attempting to demonstrate its resolve in crisis response through cross-party cooperation. However, substantive progress from allies in providing护航 has been slow, making it difficult to address the root causes in the short term.

Short-term measures are unlikely to solve the fundamental supply gap; oil price trajectory remains dependent on the Middle East situation. The "several measures" promised by Vance may include accelerating the execution of IEA strategic petroleum reserve releases, granting temporary exemptions from certain sanctions, or enhancing naval护航. However, these are unlikely to substantially alleviate the supply shortfall caused by the Hormuz disruption in the immediate future. The direction of oil prices remains highly dependent on the evolution of the Middle East conflict: prices are susceptible to rebound if Iran continues its retaliation or if proxy attacks escalate; prices could decline rapidly if navigation through the Strait resumes. Risks of global inflation and economic slowdown continue to amplify. Investors need to remain vigilant against sudden events causing market reversals and should monitor the outcomes of the Thursday meeting and Iran's response.

Investors need to be alert to the risk of escalating Iranian retaliation triggering a new wave of panic. Attention should focus on the specific measures from the Thursday meeting and progress towards restoring navigation through the Strait, as uncertainty in the energy market remains extremely high. As of 9:19 Beijing time, the US crude oil continuous contract was reported at $97.82 per barrel.