Energy Secretary Predicts Temporary Spike in Prices Amid Iran Conflict

Wright says gas prices "shouldn't go much higher" and that the situation will improve "relatively soon".

Published on Mar. 8, 2026

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Energy Secretary Chris Wright said Sunday that the elevated energy prices caused by the escalating war with Iran will be temporary, stressing that "this is not a long-term war." Wright claimed that in the "worst case," the situation will last for weeks, not months, and will lead to a "much better place" with a "defanged" Iran that can no longer threaten its neighbors or American interests. He said the U.S. has "massive energy stores around the world" and that the current price spike is due to "emotional reactions and fear" rather than an actual supply shortage.

Why it matters

The ongoing conflict with Iran has raised concerns about a potential global energy crisis, as the war has disrupted oil and natural gas shipments through the Strait of Hormuz, a critical global chokepoint. Wright's comments aim to reassure the public that the situation is under control and that energy prices will stabilize relatively soon.

The details

Wright said that while previous administrations have tried to negotiate with Iran, "it simply hasn't worked." He argued that the current military operation will "bring in an era of even lower energy prices" by reducing Iran's ability to threaten its neighbors and disrupt global energy markets. The U.S. is also considering tapping into the Strategic Petroleum Reserve and using untapped Russian oil to help alleviate pressure on refineries in Europe and Asia.

  • The war with Iran has entered its second week.

The players

Chris Wright

The current U.S. Energy Secretary, appointed by the Biden administration.

Margaret Brennan

The host of "Face the Nation" on CBS News, who interviewed Energy Secretary Wright.

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What they’re saying

“We have a temporary period of elevated energy prices, but it will not be long.”

— Chris Wright, U.S. Energy Secretary (Face the Nation with Margaret Brennan)

“In the worst case, this is weeks — this is not months, and it leads to a much better place.”

— Chris Wright, U.S. Energy Secretary (Face the Nation with Margaret Brennan)

“There's no energy shortage at all in the Western Hemisphere, the United States is a net exporter of oil, a large net exporter of natural gas.”

— Chris Wright, U.S. Energy Secretary (Face the Nation with Margaret Brennan)

What’s next

The Biden administration is considering tapping into the Strategic Petroleum Reserve and using untapped Russian oil to help stabilize global energy markets in the short term.

The takeaway

While the ongoing conflict with Iran has disrupted global energy supplies and caused a spike in prices, the Biden administration is confident that the situation will be temporary and that energy prices will stabilize relatively soon. The administration's focus is on ending Iran's ability to threaten its neighbors and disrupt global energy markets, which they believe will ultimately lead to even lower energy prices in the long run.