TechFlow News, March 8: U.S. Energy Secretary Chris Wright stated that global energy supplies are ample, and the recent oil price surge linked to the conflict reflects a “fear premium” in markets—a phenomenon he said would not last. Wright echoed former President Trump’s view that any market and shipping disruptions stemming from potential U.S.-Israel military action against Iran would be temporary. He added that, “in the worst-case scenario,” such impacts would last only weeks—not months.
Speaking on CNN Sunday, Wright said: “The oil is there. What you’re seeing now is just a bit of fear premium in the market. There is currently no shortage of oil or natural gas in global markets. We’re still far from returning to normal transportation flows—and yes, that will indeed take some time.
But again, even in the worst-case scenario, it’s only weeks—not months.” Wright acknowledged the impact on U.S. retail fuel prices. According to nationwide average data from the American Automobile Association (AAA), regular gasoline prices rose nearly 16% over one week, reaching $3.45 per gallon.
