Energy Secretary Chris Wright on Monday said the U.S. has a “few more levers” to lower gas prices after they skyrocketed in the weeks after the U.S. and Israel launched their military campaign on Iran late last month.
“There’s things we can do on refinery efficiencies,” Wright said on “Squawk on the Street” on CNBC. “There’s a few more levers we have to pull there that we’re looking at quickly.
“The goal, of course, is to get them down as quickly as possible. But my appeal to the American people is we’ve had 47 years of threats from Iran, which have artificially raised energy prices for decades,” he said. “We’re going through a short-term period of disruption right now, but the long-term benefits will be enormous. Think of years ahead and decades ahead for you and your children.”
Prices on oil and gas rose sharply in the weeks since the military offensive began. The national average for gas in the U.S. reached $3.98, over $1 higher than it was one month ago before the start of the conflict, according to AAA.
The Trump administration has sought different methods to tackle the rise in prices, including temporarily loosening shipping laws, ordering drilling to restart off California’s coast and lifting some sanctions on Venezuela and Russia. President Trump also released 172 million barrels of oil from the U.S.’s Strategic Petroleum Reserve (SPR).
Comfortable-Web9763 on
No they don’t 😀
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Flipster103 on
It’s all bullshit, I called this the other day in one of the comment sections ab how you’ll see oil price market manipulation through the use of social media by the president. Someone should actually really investigate this sort of thing….half a billion dollars placed in bets 15 min before the announcement is extremely suspicious…. We’re going to watch the price of oil bounce around all week until most of these trade contracts are complete, and then it’ll rise much higher to its “real” number as Iran continues to poke holes in this administration’s bullshit.
Xeynon on
Translation: “We have a few more Band-Aids we can attempt to slap on the gushing arterial wound we just opened up. Don’t worry.”
The high gas prices we’ve seen so far – and I very much expect them to go significantly higher soon – are only a taste of the pain we’re in for.
ImperiumRome on
>“The goal, of course, is to get them down as quickly as possible. But my appeal to the American people is we’ve had 47 years of threats from Iran, which have artificially raised energy prices for decades,” he said.
How does this work actually ? When it was the US who sanctioned Iranian oil ? And with China buying its oil, relieving some demand from the market, it’s not like there’s a mismatch between supply and demand either ?
ktaktb on
I wonder when we will leave the “quotes of a known unreliable non expert” or “known liar” era of news reporting ushered in by the advent of twitter.
Come to think of it, Trump was one of the biggest early users of Twitter for constant political chatter.
Hmmm
Seems like twitter isnt worth the societal cost.
A simple sound bite keeps echoing in my mind…
If someone says it’s raining and another person says it’s dry, it’s not your job to quote them both. It’s your job to look out the window and find out which is true.
It is an old quote so we know this has plagued journalism for a while, but has the problem ever been this acute? This terminal?
Beneficial_Split_649 on
We can start requiring an ID to purchase gas 🤣
Maybe push the age requirement to 65 like their voter base? They are not above drawing lines between red and blue states. Look at Texas flood vs California fires (somehow a political statement now).
Good luck.
roarjah on
Levers that move things of this scale don’t give any results overnight. If there’s anything like stock market recovery or the price at the pump then it is very short term and the system will very quickly get it back to its original state. The only lever that will fix this is ending the war and that could still take 6-12 months. Trump knows he can’t win the midterms for this reason
schrodingers_gat on
I’m genuinely amazed that the people in charge of the fossil fuel industries are so short sighted and stupid that they don’t realize their support of Trump and the GOP is going to kill them much faster by making renewables much more attractive alternatives. Their shareholders should be suing them for all the profits they will lose after Trump is gone and the government will have a huge mandate to facilitate the migration away from their products.
9 Comments
From the article:
Energy Secretary Chris Wright on Monday said the U.S. has a “few more levers” to lower gas prices after they skyrocketed in the weeks after the U.S. and Israel launched their military campaign on Iran late last month.
“There’s things we can do on refinery efficiencies,” Wright said on “Squawk on the Street” on CNBC. “There’s a few more levers we have to pull there that we’re looking at quickly.
“The goal, of course, is to get them down as quickly as possible. But my appeal to the American people is we’ve had 47 years of threats from Iran, which have artificially raised energy prices for decades,” he said. “We’re going through a short-term period of disruption right now, but the long-term benefits will be enormous. Think of years ahead and decades ahead for you and your children.”
Prices on oil and gas rose sharply in the weeks since the military offensive began. The national average for gas in the U.S. reached $3.98, over $1 higher than it was one month ago before the start of the conflict, according to AAA.
The Trump administration has sought different methods to tackle the rise in prices, including temporarily loosening shipping laws, ordering drilling to restart off California’s coast and lifting some sanctions on Venezuela and Russia. President Trump also released 172 million barrels of oil from the U.S.’s Strategic Petroleum Reserve (SPR).
No they don’t 😀
entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted entering more text to not be deleted
It’s all bullshit, I called this the other day in one of the comment sections ab how you’ll see oil price market manipulation through the use of social media by the president. Someone should actually really investigate this sort of thing….half a billion dollars placed in bets 15 min before the announcement is extremely suspicious…. We’re going to watch the price of oil bounce around all week until most of these trade contracts are complete, and then it’ll rise much higher to its “real” number as Iran continues to poke holes in this administration’s bullshit.
Translation: “We have a few more Band-Aids we can attempt to slap on the gushing arterial wound we just opened up. Don’t worry.”
The high gas prices we’ve seen so far – and I very much expect them to go significantly higher soon – are only a taste of the pain we’re in for.
>“The goal, of course, is to get them down as quickly as possible. But my appeal to the American people is we’ve had 47 years of threats from Iran, which have artificially raised energy prices for decades,” he said.
How does this work actually ? When it was the US who sanctioned Iranian oil ? And with China buying its oil, relieving some demand from the market, it’s not like there’s a mismatch between supply and demand either ?
I wonder when we will leave the “quotes of a known unreliable non expert” or “known liar” era of news reporting ushered in by the advent of twitter.
Come to think of it, Trump was one of the biggest early users of Twitter for constant political chatter.
Hmmm
Seems like twitter isnt worth the societal cost.
A simple sound bite keeps echoing in my mind…
If someone says it’s raining and another person says it’s dry, it’s not your job to quote them both. It’s your job to look out the window and find out which is true.
It is an old quote so we know this has plagued journalism for a while, but has the problem ever been this acute? This terminal?
We can start requiring an ID to purchase gas 🤣
Maybe push the age requirement to 65 like their voter base? They are not above drawing lines between red and blue states. Look at Texas flood vs California fires (somehow a political statement now).
Good luck.
Levers that move things of this scale don’t give any results overnight. If there’s anything like stock market recovery or the price at the pump then it is very short term and the system will very quickly get it back to its original state. The only lever that will fix this is ending the war and that could still take 6-12 months. Trump knows he can’t win the midterms for this reason
I’m genuinely amazed that the people in charge of the fossil fuel industries are so short sighted and stupid that they don’t realize their support of Trump and the GOP is going to kill them much faster by making renewables much more attractive alternatives. Their shareholders should be suing them for all the profits they will lose after Trump is gone and the government will have a huge mandate to facilitate the migration away from their products.