Energy Secretary Chris Wright made the rounds on network TV Sunday to reassure viewers that the sharp rise in oil and gas prices due to the Iran war – which Trump has no problem sticking US consumers with for a while – would prove short-lived, and has downplayed the spike as a transient “fear premium” vs. a fundamental supply issue.
In conversations to CBS, CNN, and Fox News, Wright emphasized that global energy markets remain well-supplied despite disruptions to tanker traffic through the Strait of Hormuz – the narrow waterway that carries roughly one-fifth of the world’s seaborne crude.
“This is a disruption on the way to a much better place to end a 47-year war against America,” he told Fox.
“The world is not short of oil today or natural gas,” Wright told CBS’ “Face the Nation,” adding “You’re seeing a little bit of fear premium in the marketplace.”
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