US energy chief says spike in gas prices will fall before too long' amid Iran war

"Asked about rising energy prices on CNN's State of the Union, Wright said in the worst case, this is a weeks, this is not a months thing, adding that the US has no plans to target Iran's oil industry, their natural gas industry, or anything about their energy industry."

"The nine-day war has caused a significant spike in oil prices, with the price of WTI crude rising 35% in one week. Gasoline, diesel and jet fuel prices have jumped. In the US, a gallon of regular gasoline jumped by 14% in a week to $3.41 on Saturday, according to the AAA motor club."

"Administration officials are seeking to sell the US public on the concept that a short-term energy prices rises are more acceptable than a long-term threat from a missile and nuclear-armed Iran. Iran has continued to build up their capabilities, first a massive expansion of their missile program, so that they can shield the completion of their nuclear program."

Energy Secretary Chris Wright stated that elevated energy prices from recent Middle East tensions will persist for weeks at most, not months. The US has no plans to target Iran's energy infrastructure, despite Israeli strikes on Iranian fuel depots causing visible damage near Tehran. Oil prices surged 35% in one week, with WTI crude rising significantly and US gasoline prices jumping 14% to $3.41 per gallon. Wright predicted domestic energy prices will eventually fall below $3 per gallon. Administration officials are framing short-term energy price increases as acceptable compared to long-term security threats posed by Iran's expanding missile and nuclear programs. The nine-day conflict has disrupted shipping through the Strait of Hormuz and slowed production in Middle Eastern oil and gas facilities.

Read at www.theguardian.com