Energy Secretary Chris Wright has reassured Americans that escalating tensions with Iran are not expected to cause another sharp surge in gasoline prices. Speaking at the Great American State Fair on the National Mall, Wright emphasized that it has not been any positive behavior from Iran that has allowed oil to flow, but rather the efforts of the U.S. military.

With Iran recently striking three commercial vessels transiting the Strait of Hormuz, Wright urged citizens not to credit Iran for the continued flow of oil shipments through the strategic waterway. He stated, "They have assured the flow of oil and gas through the Strait of Hormuz throughout. Not at the beginning of this conflict, but through the last six weeks."

Wright also noted that the administration is closely monitoring global oil supplies as a tentative ceasefire with Iran appears to have ended. President Donald Trump declared the call for peace with Iran "over" during the NATO Summit in Turkey.

Regarding efforts to manage gasoline prices domestically, Wright mentioned the Freedom Fuels initiative, saying, "With Freedom Fuels, they're just lowering it down to their wholesale price of gasoline."

Sources