Energy prices will fall when U.S. destroys Iran’s ability to attack tankers in Strait of Hormuz: Wright

Energy Secretary Chris Wright said that oil and gas prices will begin to fall as the United States begins to eliminate Iran’s ability to block tanker traffic in the Strait of Hormuz, while Americans say the war in Iran will cause a sudden rise in gas prices.

“The plan is to have oil, natural gas, fertilizer and all products from the Gulf passing through the straits before long,” Wright told Fox News Sunday. he said. “We are greatly losing offensive capabilities with missiles and drones, and this rate of attrition will increase in the coming days. So we will be careful, we will be careful, but soon the energy will flow.”

President Donald Trump was elected to a second term in the White House in part by promising to lower gas prices and beat hyperinflation. He frequently touts lower gas prices ahead of the November midterm elections that will determine control of Congress for the remainder of his term.

However, since the start of the war in Iran, gas and oil prices have risen rapidly, and this increase was caused by shipping bottlenecks in the Strait of Hormuz. Approximately 20 percent of the global energy supply passes through the strait.

In the US, the average price of gas per gallon has risen above $3.46. GazBuddy. US crude oil rose above $91 per barrel and the global indicator Brent Crude oil rose above $92 per barrel.

Wright said that “a large tanker passed through the straits without any problems.” Approximately 100 tankers and cargo ships pass through the Bosphorus every day.

Wright said the outage would last “weeks, not months.”

“We believe this is a small price to pay to achieve a world where energy prices return to where they were,” Wright said. “Iran will finally be neutralized, and now you may see more investment, more free flow of trade, less ability to threaten energy supplies.”