US Energy Secretary downplays impact of oil price surge, says "fear premium" is only a short-term fluctuation

Golden Ten Data, March 8 – U.S. Energy Secretary Wright stated that global energy supplies are sufficient, and the war-related surge in oil prices reflects a "fear premium" in the market, a phenomenon that will not last. Wright agreed with Trump that the disruptions to the market and shipping caused by the U.S.-Israel war with Iran are only temporary. He said that "in the worst-case scenario," the impact would last only a few weeks, not months. On Sunday, Wright said on a CNN program: "The oil is there; what you are seeing now is just a bit of fear premium in the market. There is currently no shortage of oil or natural gas in the global market. We are still far from resuming normal transportation, and that will indeed take some time. But again, in the worst case, it’s only a few weeks, not months." Wright acknowledged the impact on U.S. retail fuel prices. According to the American Automobile Association (AAA), the national average price for regular gasoline rose nearly 16% in one week, reaching $3.45 per gallon.