Gas prices will stay high ‘a few more weeks’ but will drop after war, Trump energy secretary says
Energy Secretary Chris Wright said Sunday that Americans will likely face a few more weeks of high gas prices due to the U.S.-Israel war over Iran.
“This is a short-term disruption in the flow of energy. Americans are feeling it right now. Americans will be feeling it for a few more weeks,” Mr. Wright said on NBC’s “Meet the Press.” “But in the end, we will have eliminated the greatest risk to the world’s energy supply. We will move toward a world that is more energy abundant, more energy affordable, and less risky for American soldiers and trade in the Middle East.”
Americans are feeling pain at the pump as the Strait of Hormuz, the world’s most critical oil chokepoint, remains largely closed to shipping. According to the AAA auto club, regular gasoline jumped to an average of $3.699 per gallon, up from $2.927 per gallon a month ago.
Asked if he was confident gasoline prices would fall below $3 a gallon by summer, Mr. Wright said, “There’s a very good chance that’s true.” »
“There are no guarantees in war,” he said. “The timeline isn’t completely clear yet. But I think it’s certainly a goal of the administration and it’s entirely possible.”
Rep. Michael McCaul, a ranking member of the House Foreign Affairs Committee, echoed that sentiment Sunday, emphasizing that the conflict would cause short-term suffering but promised a generational shift in U.S. energy dominance and stability in the Middle East.
Mr. McCaul, Republican of Texas, said the military mission was ahead of schedule and had demoralized Iran’s navy and air force. Combined with a strike on Kharg Island near Iran and the capture of Venezuelan President Nicolas Maduro, the United States is poised to make lasting energy gains, he said.
“In the long term, we will have more control over energy in this world than before Iran invaded,” Mr. McCaul said.
“[The] “Short-term pain for long-term gain is quite extraordinary,” he added. “They will look back on this historic moment which liberated the Middle East and put it on the path to peace and normalization.”
