Chris Wright, the Energy Secretary, told Face the Nation with Margaret Brennan that President Trump was “well aware of the risks to energy flows” before launching the war in Iran earlier this year. Wright argued that “the world cannot sustain a nuclear-armed Iran.”
Wright said Trump knew the war “was going to elevate energy prices in the short run,” and that the president responded, “I’m going to take a hit there, but I got to do the right thing.” The secretary defended Trump’s position, saying the president has taken a “strong stand that Iran, the world’s greatest terrorist regime, cannot and will not have nuclear weapons.”
Diesel prices soared above $6.50 a gallon in recent weeks, affecting farmers and industries such as construction firms and food banks. Wright noted diesel prices are down a little over 20 cents so far in recent days. He predicted diesel would fall below $6 before too long, though he admitted he didn’t know exactly when.
Why Wright thinks prices will fall
Wright cited several reasons prices are expected to drop:
- Increasing supplies coming out of the Strait of Hormuz
- U.S. gasoline production
- The summer driving season slowing demand
- The Group of Seven countries’ agreement to release 100 million barrels of fuel over four months
- Europe’s “very large diesel stores” since European countries don’t refine enough diesel to supply their own economies
He called the G7 release a “big deal” and “common sense,” and said it will drive diesel prices down in the U.S. and around the world through the winter.
What the administration is actually doing
Wright said everything the administration is doing “is to grow the supply of diesel, to grow the supply of gasoline, and frankly, again, to reverse years of policies that have been directed exactly the opposite—to shrink our ability to produce, refine, and deliver hydrocarbons.”
He added that the president is “always planning for contingencies and he’s always negotiating,” keeping both diplomatic and military tracks open. Wright wouldn’t confirm whether the president has ruled out an export ban on diesel, which Wright has opposed, saying “every day” Trump has been “throwing out ideas” and the president remains engaged in discussions.
Asked whether he expects prices to go down over the next four weeks ahead of the midterm elections, Wright answered “absolutely.” He added that “Diesel prices have been going down, gasoline prices have been going down” and expects that to continue.
“I’m going to take a hit there, but I got to do the right thing.”
The administration’s argument
The administration’s case rests on two separate claims. First, that a nuclear-armed Iran poses a long-term threat to energy prices. Second, that the current price spike is a temporary side effect of the war itself.
The 20-cent drop in recent days supports the administration’s narrative. Whether the G7 release actually drives prices down in the U.S. and around the world through the winter remains to be tested.
What Wright did not confirm
Wright refused to confirm whether the president has ruled out an export ban on diesel. He said “every day” Trump has been “throwing out ideas” and the president remains engaged in discussions.
That refusal to commit is notable. It suggests the administration is still weighing its options on the export front, even as Wright defends the broader policy of growing supply.
The verdict on Wright’s position
Wright’s defense of Trump’s decision to go to war with Iran over energy prices is straightforward: the president accepted the short-term hit because he judged the long-term risk of a nuclear-armed Iran to be greater.
The administration’s policy appears to be a mix of diplomacy, negotiation, and supply-side expansion. Wright framed the G7 fuel release as a common-sense move that will drive prices down through the winter.
Whether the prediction holds depends on whether the supply increases actually materialize and whether the release of European diesel stores addresses reduced flows from Russia and China shutting down or cutting off diesel exports.
The administration’s position is that the long-term risk of a nuclear-armed Iran outweighs the short-term pain of higher prices, and that its policy is designed to reverse years of policies that shrank the country’s ability to produce, refine, and deliver hydrocarbons.
The question of whether the president has ruled out an export ban remains open, and the administration’s continued engagement on the issue suggests the ban remains a live possibility.
See the video the story is built around at CBS News.
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