Trump-Xi summit may affect gas prices, GOP chair says

A top House Republican said President Donald Trump’s meeting with Chinese President Xi Jinping could help ease pressure on U.S. gas prices if it leads to reduced Chinese support for Iran. House Foreign Affairs Committee Chairman Brian Mast argued that China’s backing of Iran is helping fuel instability in the Strait of Hormuz, a key global oil route. He said that any move by Trump to press Xi on that issue could have an effect on crude markets and, in turn, prices at the pump. Mast also pointed to recent sanctions legislation tied to Russia and Iran as a possible source of leverage in talks with Beijing. He said the summit, Trump’s third meeting with Xi this term, comes as affordability and energy costs remain major political issues in the U.S.