Energy Secretary Chris Wright said oil and gas prices will begin to fall when the U.S. begins to knock out Iran’s ability to hinder tanker traffic through the Strait of Hormuz, as Americans weather spiking gas prices due to the war in Iran.
“The plan is to get oil and natural gas and fertilizer and all the products from the Gulf flowing through the straits before too long,” Wright said on Fox News Sunday. “We’re massively attriting their ability to strike with missiles and drones, and that rate of attrition will increase in the coming days. So we’ll be cautious, we’ll be careful, but energy will flow soon.”
President Donald Trump was elected to a second term in the White House in part by promising to lower gas prices and defeat high inflation. He has frequently touted lower gas prices ahead of the November midterm elections, which will determine control of Congress for the remainder of his term.
But gas prices and oil have spiked since the war began in Iran, with vessel bottlenecks in the Strait of Hormuz causing the surge. About 20% of global energy supply moves through the strait.
Gas has jumped to over $3.46 per gallon on average in the U.S., according to GasBuddy. U.S. crude oil
