Washington. U.S. Energy Secretary Chris Wright said there is a “very good chance” that gasoline prices will drop below $3 per gallon by the summer, and said that in a few more weeks the U.S. will have eliminated the risk of the continuing threat Iran poses to global energy supplies.
“Americans are feeling it right now. They’re going to feel it for a few more weeks,” Wright said on the show. Meet the Pressfrom NBC News, about rising gasoline prices amid the joint US-Israeli war against Iran.
Oil prices continued to soar globally this week after Iranian leaders vowed to keep the Strait of Hormuz, vital for oil tankers, closed.
Oil company ordered to reopen in California
Chris Wright ordered a Texas oil and gas company to restore operations in waters off Southern California that were affected by a 2015 oil spill, invoking the Defense Production Act.
The restoration of Sable Offshore Corp’s Santa Ynez unit and the pipeline off Santa Barbara is intended to address supply disruption risks, according to a Department of Energy statement issued Friday.
The unit includes three platforms in federal waters, marine and land pipelines, and the Cañón Las Flores processing plant. It can produce 50 thousand barrels of oil per day.
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