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Apr 3, 2025 4:52 pm
Global Media Network
US Energy Chief Says Gas Prices Will Drop
The US Energy Secretary, Chris Wright, said Sunday that the recent spike in gas prices will last only weeks, not months. He reassured Americans that the US has no plans to target Iran’s energy industry despite the ongoing conflict in the Middle East. Wright spoke on CNN’s State of the Union, emphasizing that energy prices may rise temporarily due to tensions, but the impact on domestic consumers would be short-lived. “In the worst case, this is a weeks, this is not a months thing,” he said. The warning comes after Israeli strikes on Iran damaged local fuel depots, sending plumes of black smoke over Tehran. Wright stressed that the US has targeted no Iranian energy facilities. The ongoing conflict between the US, Israel, and Iran has disrupted shipping through the Strait of Hormuz and slowed oil production in some Middle Eastern states. These developments pushed the price of oil above $100 a barrel, the first time since 2022. In the past week, WTI crude prices jumped 35%, driving up gasoline, diesel, and jet fuel costs worldwide. In the US, the average price of a gallon of regular gasoline increased 14% to $3.41, according to AAA. Despite this spike, Wright remains confident that US energy prices will return to lower levels. “We want it back below $3 a gallon. And it will be again before too long,” he said. Administration officials framed the temporary price rise as a necessary trade-off for long-term security. Wright said Iran has expanded its missile program to protect its nuclear development. He warned that a nuclear-armed Iran with advanced missiles threatens the US, the Middle East, and the global economy. White House Press Secretary Karoline Leavitt echoed these remarks, describing the rise in gas prices as a short-term disruption to remove the Iranian regime and secure the free flow of energy through the Strait of Hormuz. Leavitt also highlighted measures taken by the US, including political risk reinsurance for vessels and US Navy escorts for tankers. She pointed to increased oil production from Venezuela as another stabilizing factor. Wright noted that oil shipments are gradually moving through the Strait of Hormuz. “We’re not too long away before you will see more regular resumption of ship traffic,” he said, acknowledging that traffic remains far below normal. Currently, only a single tanker has passed in the last 24 hours, compared with the usual 80-90 daily. He said normal traffic could take weeks to fully resume, but the disruption is temporary. The Trump administration is aware of domestic energy concerns, especially with congressional elections approaching. Voters have identified the cost of living as a top issue. Trump, however, downplayed the price surge, saying gasoline prices will drop rapidly once the crisis ends. US Ambassador to the UN, Mike Waltz, noted that Iran’s military threats are being neutralized. He said Gulf states are now united and prepared to respond diplomatically or militarily if necessary. Officials maintain that the US gas price forecast remains positive, with short-term increases expected to fade as global energy flows stabilize.
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