Energy Secretary says gas prices should ease after conflict; U.S. moves to stabilize markets and reopen Strait of Hormuz

Energy Secretary Chris Wright said Americans will see gasoline prices come down once the current conflict ends and the administration has taken steps to blunt the recent spike in fuel costs. "After the conflict is over, you'll start to see prices come back down," Wright said in an interview on Meet the Press.

Wright told moderator Kristen that since the war began the national average price for gasoline has risen 24 percent and diesel prices have jumped 32 percent, and he cautioned that wartime uncertainty makes precise forecasts difficult. Asked whether gasoline could return to under $3 a gallon by the busy summer travel season, he said there is a "very good chance" but offered no guarantee.

To limit price spikes, Wright cited a coordinated international release of 400 million barrels of oil with more than 30 nations and additional U.S. production coming online, including new offshore output in California. "We've done many, many actions to mitigate that price rise," he said, adding that allied pre-conflict movements of oil also helped stabilize supplies.

Wright said the administration's broader objective is to remove Iran's ability to disrupt shipping and energy supplies. He described the Strait of Hormuz as "not" safe right now and said reopening the waterway is an explicit goal of military and diplomatic efforts. Wright also declined to pre-announce which nations will participate in securing the Strait but confirmed he has discussed the issue with countries the president named, including China, Japan, the U.K., France and South Korea.

Wright framed the military campaign as a path to a world with more abundant and affordable energy and fewer risks to U.S. forces and global commerce. He said the current disruptions could last "a few more weeks" as forces focus on eliminating Iran's longer- and shorter-range offensive capabilities.

The interview concluded with Wright defending the administration's planning and execution while rejecting criticism that the U.S. was unprepared. He said the mission was "carefully planned out" and that removing what he called a long-standing threat to global energy supplies will place markets in a better position.