Chris Wright, the US Energy Secretary, said on Sunday that the recent spike in petrol prices caused by the conflict with Iran would last only weeks, not months, and that the United States has no plans to target Iran's energy industry.
Speaking on CNN's State of the Union, Wright described the price increase as a short-term disruption. His comments come as anxiety grows over Iran's response to US-Israeli strikes, which have reduced shipping through the Strait of Hormuz and slowed production in some Middle Eastern states. In the US, the average price of a gallon of regular petrol rose 14% to $3.41 in the week to Saturday, according to the AAA motor club.
Wright predicted that prices would fall back, saying: 'We want it back below $3 a gallon. And it will be again before too long.' He added that in the worst case, the disruption would be a matter of weeks, not months. White House press secretary Karoline Leavitt described the rise as 'a short-term disruption for a long-term gain' from confronting Iran.
Leavitt also pointed to increased oil production from Venezuela and said the Trump administration was 'on the ball' with measures including political risk reinsurance for vessels and US navy escort tankers through the Strait of Hormuz. She dismissed Iranian threats, claiming their navy was 'deemed combat ineffective' and ballistic missile strikes had decreased 90%.
Wright noted that a single tanker had passed through the strait in the previous 24 hours, but conceded that normal traffic of 80-90 ships per day was still far off. He said a return to normal could take a few weeks, but not months.
