US Gas Prices Expected to Fall Below $3 as Administration Denies Targeting Iranian Energy Infrastructure
Gas prices are projected to dip below $3 a gallon “again before too long,” according to Energy Secretary Chris Wright, as the administration maintains it has no plans to target energy infrastructure in Iran.
Wright stated that current gas prices are “still $1.50 a gallon cheaper” than they were during the middle of the Biden administration, and anticipates that the recent increase stemming from the military campaign in Iran will be a short-lived phenomenon, “not a months’ thing.”
Trump Administration’s Focus on Lowering Energy Prices
“The Trump administration has been all in on lowering energy prices, and I would say quite successfully,” Wright told CNN’s “State of the Union” on Sunday. He highlighted a dramatic decline in gasoline and diesel prices, with expectations of similar reductions in electricity prices soon.
The national average gas price is currently $3.45 a gallon as of Sunday, according to the American Automobile Association. Prices were just below $3 before the recent attacks on Iran began a week ago.
Israel Strikes Iranian Fuel Sites
Video footage of strikes on fuel sites in Tehran went viral on Saturday, showing significant damage. The Israel Defense Forces claimed responsibility, stating the attacks were aimed at undermining “the military infrastructure of the Iranian terror regime.”
US Position on Iranian Energy Infrastructure
Wright emphasized that the US “has no plans to target Iran’s oil industry, their natural gas industry, or anything about their energy industry.” He clarified that the strikes were conducted by Israel, targeting “local fuel depots” and reiterated that “The US is targeting zero energy infrastructure. We wish to end a 47-year war.”
Wright applauded the military campaign against Iran as a means of addressing a long-standing foreign policy issue. “It is simply unacceptable for the United States, for the Middle East geography and for the world economy to have a terrorist regime with nuclear weapons and a gigantic missile arsenal,” he said. “They have raised energy prices for Americans for decades. It’s finally going to come to an end.”
Strait of Hormuz and Oil Tanker Escorts
The recent events have disrupted travel through the Strait of Hormuz, a critical oil chokepoint through which approximately 20% of the world’s oil flows annually. The US Navy has announced plans to provide escorts for oil tankers through the area, amid concerns about potential retaliatory actions from Iran.
Wright expressed optimism that ship traffic through the Strait of Hormuz would soon return to normal. He also claimed that Iran’s missile launches have decreased by almost 90% and its drone capabilities have plummeted by around 80% since the start of Operation Epic Fury.