Trump-Xi Summit Could Hold Key to Lower Gas Prices, GOP Chairman Says
President Donald Trump should use his high-stakes summit with Chinese President Xi Jinping on Thursday to pressure Beijing to stop supporting Iran, a move that House Foreign Affairs Committee Chairman Brian Mast says could help stabilize the Strait of Hormuz and ultimately bring down gasoline prices for Americans. The meeting comes as the national average for regular gasoline has climbed to roughly $4.48 per gallon, according to AAA, which cited volatility in the Strait and elevated crude oil prices as major factors behind the increase.
Mast, a Florida Republican who chairs the House Foreign Affairs Committee, argued that China’s relationship with Tehran is contributing to instability in one of the world’s most important oil-shipping corridors. He said Trump has an opportunity during his talks with Xi to directly address Chinese support for Iran.
“If President Trump can secure that China will stop arming Iran, who is trying to destabilize this key oil route through the globe, then the president will have done something very important for affordability, especially in terms of global crude prices, which equal prices at the pump here in the United States of America,” Mast said.
The cost of living has become an increasingly prominent issue ahead of November’s midterm elections, with Republicans and Democrats battling over responsibility for higher household expenses. Gasoline has become a particularly visible part of that debate as the U.S.-Iran war and uncertainty surrounding shipping through the Strait of Hormuz have roiled global energy markets.
AAA reported Thursday that the nationwide average for regular gasoline stood at $4.4825 per gallon, compared with $4.0991 a month earlier and $3.1634 at the same point last year. AAA said the current price is the highest national average ever recorded for this time of year, with crude oil prices and continuing volatility around the Strait of Hormuz keeping pressure on motorists.
Mast said China “probably is the number one actor that is working to raise those prices,” pointing to Beijing’s relationships with both Iran and Russia.
China has maintained significant economic ties with Iran even as the Trump administration has sought to tighten Tehran’s financial isolation. The administration warned countries in August that continued business with Iran could expose them to secondary U.S. sanctions, although it initially stopped short of immediately imposing those penalties.
Mast argued that China’s role goes beyond economic support, accusing Beijing of providing assistance that enables Tehran to threaten vessels moving through the Strait of Hormuz.
“China is arming Iran so that Iran can indiscriminately attack civilians moving through the strait. That is the fundamental difference about what China is doing … the United States, looking to protect all of those resources going through there, the civilians going on the ships through there and the civilians across all of the countries throughout the Gulf,” Mast said.
The congressman credited Trump with keeping commercial shipping and oil moving through the strategically vital waterway despite the ongoing hostilities.
Over the last two months, Mast said, Trump “moved over a billion barrels of oil through the Strait of Hormuz.”
“He’s moved over 2,000 ships through the Strait of Hormuz, civilian merchant ships through the Strait of Hormuz. Iran has moved nothing. But that doesn’t mean that the global oil markets don’t see instability,” Mast said.
The Strait of Hormuz remains a central point of contention in the U.S.-Iran conflict. Iranian officials said earlier this week that Tehran was prepared to reopen the strategic waterway within a week if Washington reduced military pressure and lifted its blockade of Iranian ports.
Trump’s Thursday talks with Xi come during the Chinese leader’s September 23-25 state visit to the United States. It is the third meeting between Trump and Xi during Trump’s current term and Xi’s first trip to the United States since Trump returned to the White House. China’s Foreign Ministry has said the leaders are expected to discuss U.S.-China relations as well as major international issues.
Iran is expected to be among the important geopolitical issues surrounding the summit. The conflict has complicated Washington’s relationship with Beijing, while Gulf countries have also looked to China to use its considerable economic influence over Tehran to help ease tensions and restore shipping through the Strait.
Asked what leverage Trump could employ to persuade Xi to reduce Chinese support for Tehran, Mast pointed to the recently enacted Russia-Iran sanctions legislation, named for the late Sen. Lindsey Graham of South Carolina. The measure gives the administration additional tools to target countries and businesses maintaining significant economic relationships with Moscow and Tehran.
“China is the number one target for that sanctions bill. It would affect, has the potential to affect, a great deal of trade if President Trump chooses not to waive some of his sanction authorities that he’s given in that bill,” Mast said.
