"We're going through short-term energy disruption for just huge long-term gain. You're seeing Iran's behavior. They're attacking every country in the region... The world is very well supplied with oil right now. Thanks to President Trump's leadership, we're by far and away the world's largest oil producer, by far and away the world's natural gas producer."
"Could that in short-term mean $200 a barrel? Um, I would say unlikely, said Wright. But we are focused on the military operation and solving a problem. I'm not gonna guess on short-term trading. That's based on psychology more than flows of oil."
During a CNN interview, Secretary of Energy Chris Wright addressed concerns about potential oil price spikes amid U.S.-Israel conflict with Iran. When asked if he agreed people should prepare for $200 per barrel oil, Wright called such prices unlikely but acknowledged short-term energy disruption. He emphasized the world maintains ample oil supply and highlighted U.S. dominance as the world's largest oil and natural gas producer under Trump's leadership. The Trump administration simultaneously announced releasing 172 million barrels from the Strategic Petroleum Reserve to stabilize prices. Iran had warned the world to prepare for elevated oil prices resulting from the regional conflict.
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