Energy secretary on NBC News' "Meet the Press" says Americans "will feel it for a few more weeks" at the gas pump, but predicts relief will come when the Strait of Hormuz reopens.
U.S. Energy Secretary Chris Wright stated Sunday during NBC News appearances and an interview that Americans could expect relief at gas pumps within "a few more weeks" as the ongoing war in Iran concludes, predicting a very good chance for prices to drop below $3 per gallon by summer once global energy supply risks are removed.
Key Points
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1U.S. Energy Secretary Chris Wright predicts oil prices could fall below $3 per gallon by summer if current conditions persist.
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2Wright stated that Americans will likely feel relief at the gas pump within a few weeks once Iran's war concludes and global energy risks are removed.
Developments
Perspectives
The US government warns there is no guarantee for oil prices and that war conditions may last weeks.
— (Infomoney.com.br)US officials expect gasoline prices to fall before summer, predicting a very good chance they will drop below $3 per gallon once the threat of Iran's continued involvement in global energy supplies ends within 'a few more weeks'.
— [NBC News]Energy Secretary Chris Wright stated gas prices will likely fall below $3 per gallon once the Iran war ends in a few weeks. He criticized Democrats for blocking offshore drilling off California while noting that current elevated pricing is due to short-term disruptions from Iranian attacks on oil facilities and potential Strait of Hormuz closures.
Energy Secretary Chris Wright stated there is "a very good chance" gas prices will drop below $3 per gallon by summer once U.S.-Israeli military strikes on Iranian infrastructure conclude to secure energy supplies and reopen critical maritime routes. While President Donald Trump dismissed current price concerns, citing ample global oil reserves that are merely temporarily clogged due to the conflict's disruption of trade flows like those through the Strait of Hormuz.