WASHINGTON, March 2 - The United States plans to implement measures to soften the effect of rising energy costs on American consumers following a jump in oil prices related to the Iran conflict, a senior U.S. official said on Monday.
Speaking to reporters on Capitol Hill, the official said Treasury Secretary Scott Bessent and Energy Secretary Chris Wright are scheduled to present the administration's plans on Tuesday. The steps will be phased, the official indicated, with the aim of limiting price pressure on households and businesses.
"Starting tomorrow, you will see us rolling out those phases to try to mitigate against that ... We anticipated this could be an issue," the official said.
Markets reacted sharply on Monday after a sequence of strikes and counterstrikes involving Israel, the United States and Iran. The exchanges prompted Tehran to carry out retaliatory actions that led to shutdowns at oil and gas facilities across the region and created interruptions to shipping traffic through the Strait of Hormuz. Those developments coincided with a rapid rise in oil and gas prices on the same day.
The Energy and Treasury Departments had not provided comment when asked about the announced measures.
This announcement frames an administration response aimed at immediate mitigation rather than a long-term supply resolution. The planned rollout, beginning tomorrow, was described as phased and anticipatory, indicating the government had considered the potential for regional conflict to affect energy markets.
Observers and market participants will be watching the formal announcements by the Treasury and Energy secretaries for specifics on the measures, their timing, and which parts of the supply chain or consumer base they are intended to cover. In the near term, oil and gas price volatility and disruptions to shipping lanes remain central to the immediate economic and market outlook.
Summary of developments
- The U.S. will take action to limit higher energy costs caused by a spike in oil prices tied to the Iran conflict.
- Treasury Secretary Scott Bessent and Energy Secretary Chris Wright are set to announce phased measures on Tuesday.
- Oil and gas prices rose after strikes and retaliatory actions that forced facility shutdowns and disrupted shipping in the Strait of Hormuz.