US Energy Chief Says Oil ‘Fear Premium’ Over Iran Is Temporary, Says Prices To Fall In ‘Weeks, Not Months’
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…
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.”
READ MORE: The Oil Island That Could Break Iran
Source Zero Hedge