Energy Secretary Wright Warns Gas Prices Could Surge for Weeks Amid Iran Conflict

Energy Secretary Chris Wright addressed surging gas prices during a visit to a natural gas power plant in Platteville, Colorado, on Monday. According to the Colorado Sun, he warned that sharp increases in gasoline and diesel prices, driven by the war in Iran, could last weeks despite the Trump administrations efforts to ease the crunch. The average price of regular gasoline in Colorado hit three dollars and forty one cents on Monday, up from two dollars and eighty nine cents a week earlier, per AAA data reported in the article.Wright stated the biggest step is dismantling Irans ability to threaten Middle Eastern energy systems. The Colorado Sun quotes him saying the United States will insure oil tankers through the Strait of Hormuz and may use military escorts for ships. He also mentioned considering releases from the nations Strategic Petroleum Reserve to curb hikes, but ruled out limiting United States oil exports or easing sanctions on Russian oil.On Sunday appearances, World Oil reports Wright called the oil price spike a fear premium, insisting global supplies of oil and natural gas remain sufficient. He told CNNs State of the Union the disruption from the United States Israeli war with Iran would last weeks at worst, not months. E and E News confirms he discussed active talks on a Strategic Petroleum Reserve release during his Colorado stop, noting no rise in natural gas prices but increases in gasoline, diesel, and jet fuel.Wright defended President Trumps decision to strike Iran, per the Colorado Sun, saying it ends an increasingly powerful threat. He joined Republican United States Representative Gabe Evans at the Xcel Energy Fort Saint Vrain Generating Station. Meanwhile, a letter from Congressman Sam Liccardo and Senator Ruben Gallego to Treasury Secretary Scott Bessent, dated March ninth, criticizes related Treasury moves to ease Russian oil sanctions for Indian refiners amid the conflict, though it does not directly involve Wright.Wright aims to return gasoline below three dollars a gallon soon, as he told CBS Face the Nation.Thank you for tuning in, listeners, and please subscribe for more updates. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AIThis episode includes AI-generated content.