S. gas prices amid the war with Iran during a Sunday appearance on Fox News. ' She added that Trump can 'walk and chew gum at the same time,' keeping tabs of conflicts abroad as well as the situation domestically.
-Israeli strikes on Iran on February 28. The prices are the highest since the start of the 2022 Russian war with Ukraine. Energy Secretary Chris Wright admitted to CBS Face the Nation host Margaret Brennan that 'Yes, we have a temporary period of elevated energy prices,' before adding 'it will not be long' before the prices come back down again.
Yes, we have a temporary period of elevated energy prices, it will not be long before the prices come back down again.
Wright added that in the worst case, this is weeks, not months, and it leads to a much better place with an Iran that's defanged. He noted on CNN's State of the Union that the administration wants to see gasoline 'back below $3 a gallon. ' The exact timeline for when gas prices are expected to return below $3 per gallon remains unclear.
Iran has shut the Strait of Hormuz, through which a fifth of the world's oil flows, sending prices soaring more than 10 percent in a single week, with Brent crude jumping from $72 to more than $82 a barrel. The current status of the Strait of Hormuz and whether it remains closed is unknown. According to the Daily Mail, Trump's White House chief of staff, Susie Wiles, has reportedly demanded action to bring gas prices down as the war with Iran sends oil skyrocketing, sources have revealed.
The United States is a net exporter of oil, a large net exporter of natural gas, but refineries in Asia and Europe are seeing an interruption from the normal crude flows, but there is massive energy stores around the world.
Energy bosses and Trump officials pitched ideas, including a temporary holiday on the gasoline tax or putting boots on the ground to defend oil infrastructure in Gulf states. The White House is 'looking under every rock for ideas on improving energy prices, especially gasoline prices,' one energy executive told Politico. What specific actions, if any, the White House is taking to lower gas prices beyond the ideas pitched has not been disclosed.