U.S. Energy Secretary Chris Wright pumps gasoline at a gas station in Corpus Christi, Texas, on February 27, 2026.
Sheila Dunn | Reuters
Energy Secretary Chris Wright said oil and gas prices would begin to fall as the United States begins to eliminate Iran’s ability to disrupt tanker passage through the Strait of Hormuz, as the United States weathers a surge in gasoline prices due to the Iran war.
“The plan is to get all the oil, natural gas, fertilizer, all the products from the Gulf through the Strait very soon,” Wright said on Fox News Sunday. “We have significantly depleted their missile and drone attack capabilities, and that attrition rate is going to increase even more in the coming days. So we’re going to be cautious, we’re going to be cautious, but the energy is going to flow quickly.”
President Donald Trump was elected to a second term in the White House in part on promises to lower gas prices and overcome high inflation. He has frequently touted lower gas prices ahead of November’s midterm elections that will determine control of Congress for the remainder of his term.
But gas and oil prices have soared since the war began in Iran, with shipping bottlenecks in the Strait of Hormuz contributing to the spike. Approximately 20% of the world’s energy supply passes through the Strait.
According to GasBuddy, gas prices have soared to an average of more than $3.46 per gallon in the United States. usa crude oil Global benchmark soars to over $91 per barrel brent Oil prices soared to more than $92 per barrel.
“One large tanker has already passed through the strait without incident,” Wright said. Typically, about 100 tankers and cargo ships pass through the strait each day.
Mr Wright said the disruption would last “weeks, not months”.
“We believe this is a small price to pay for a world where energy prices return to their previous levels,” Wright said. “Iran is finally free of attack and will now be able to invest more, trade more freely, and be less likely to threaten its energy supplies.”
When asked about the possibility of leveraging the U.S. Strategic Petroleum Reserve to ease the pain at the pump, Wright suggested such a move was not needed yet. In the past, SPR has been utilized to mitigate oil flow interruptions.
“I’m happy to use (SPR) if necessary,” Wright said on CBS’ “Face the Nation.” “But…this is a logistics issue. Where do they need the oil? They need the oil in their refineries in Europe and Asia.”
President Trump has also downplayed the option of using SPR.
“We have a lot of oil. We have an enormous amount of oil,” President Trump told reporters aboard Air Force One on Saturday. “There’s a lot of oil coming out. It’ll heal quickly.”
WATCH: No traffic will flow through the Strait of Hormuz until a settlement is reached with Iran: Kpler’s Matt Smith
