The US will take action to mitigate rising energy prices due to a spike in the price of oil caused by the Iran conflict, Secretary of State Rubio said on Monday.
Speaking to reporters at 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. President Donald Trump is scheduled to meet with Bessent and Wright at 14:00 (19:00 GMT) on Tuesday, according to his itinerary released by the White House.
Oil and gas prices surged on Monday following Israeli and US strikes on Iran and retaliation by Tehran that forced shutdowns of oil and gas facilities across the region. These events disrupted shipping in the crucial Strait of Hormuz.
The Energy and Treasury Departments did not immediately respond to a request for comment.
(Reporting by Jasper Ward, Ryan Patrick Jones and Ismail Shakil; Editing by Caitlin Webber and Thomas Derpinghaus)
