On Sunday’s episode of CBS News, Energy Secretary Chris Wright shared that concluding the conflict in Iran would “dramatically lower energy prices.” He acknowledged that President Donald Trump was aware of the potential risks to fuel markets before engaging in the war.
Wright, speaking with host Margaret Brennan on “Face the Nation,” mentioned that Trump had been interested in stopping hostilities with Iran “even before his presidency,” and noted that efforts to end the war, which began with airstrikes in February, are ongoing. He pointed out that the Strait of Hormuz — a vital route for around 20 percent of the world’s oil — has been essentially blocked during the conflict, contributing to soaring oil and gas prices.
“He [Trump] has worked tirelessly to end this war,” Wright stated. “Ending this conflict would not only save tens of thousands of lives each month but would also significantly reduce energy prices. He’s sought to bring this situation to a close since long before he took office.”
Wright also mentioned how the president is “fully aware of the risks associated with energy supply from the Persian Gulf,” indicating that the ongoing war is a factor in escalating energy costs.
Since the onset of the war in Iran, oil prices have risen, and they saw a one-dollar increase per barrel recently, as reported by Reuters. This surge in prices is hitting American consumers hard, with the national average for a gallon of gas reaching $4.37, a stark contrast to $2.98 just two days before military actions began, according to the American Automobile Association (AAA).
During the discussion, the topic shifted to the potential imposition of tariffs against U.S. adversaries amid the current oil crisis.
“Is the U.S. actually considering tariffs on China for their purchases of Russian oil?” Brennan inquired. “Is that something we might see? And what could the effects be on pricing?”
Wright responded that the Trump administration aims to maintain positive relations with China while also looking for every possible means to end the conflict.
“I believe things are progressing well there, but you really have to explore every option to put a stop to this violent conflict,” he noted.
On October 18, just ahead of the midterms, Trump could potentially enforce a significant tariff increase — up to 500 percent — on all imports from Russia under the Lindsey Graham Act, as analyzed by Sullivan & Cromwell law firm. This act is named after a former GOP senator known for his strong foreign policy stances, especially regarding Russia-Ukraine and Iran.
Wright remarked that when asked if the tariffs reflect a national security measure or a political strategy, Trump indicated he was prepared for any fallout, saying, “I have to do the right thing.”
“If he were making purely political decisions, he could have delayed action and left a nuclear-armed Iran for the next president to deal with,” he stressed.
In a fireside chat on September 17 with Daily Caller editor-in-chief Amber Duke, Wright discussed how limiting energy production or prematurely shutting down existing infrastructure makes consumers more vulnerable to disruptions in international supply. “We advocate for more energy and making it more affordable,” he mentioned during that conversation.
