On Sunday, on CNN’s “State of the Union,” Energy Secretary Chris Wright said the military action in Iran will increase gas prices for “weeks,” not months.
Host Jake Tapper said, “Let’s talk about gas prices here at home. The head of GasBuddy’s petroleum analysis told me a few days ago that two of the 10 largest single-day price increases in history happened this week. The price of oil jumped 36 percent, the largest one-week spike since 1983. President Trump told Reuters about gas prices, ‘If they rise, they rise.’ Is that really the message of the Trump administration to consumers, who are already struggling?”
Wright said, “The Trump administration has been all in on lowering energy prices, and I would say quite successfully. We have seen a dramatic decline in gasoline prices, in diesel prices. Soon, you will see it in electricity prices as well. So the Trump administration, in stark contrast to the Biden administration, his goal has been to lower energy prices, the Biden administration quite successful in raising energy prices. Gasoline today is still $1.50 a gallon cheaper than it was in the middle of the Biden administration. But you’re right. We want it back below $3 a gallon. And it will be again before too long.”
Tapper said, “What do you mean by too long? How much longer?”
Wright said, “Look, you never know exactly the time frame of this, but, in the worst case, this is a weeks’ thing, this is not a months’ thing.”
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