Wright: Iran war impact on energy a 'small price'

Energy Secretary Chris Wright on Wednesday said the impact on energy from the ongoing conflict in Iran is a “small price” for toppling Tehran’s regime.

“Are we going to have a transient bump up as we’ve seen in gasoline prices, we do a little bit, but I think [it is] a very small price to pay to remove the nation that’s killed more American soldiers in the last 20 years than any nation on earth,” Wright said during an appearance on Fox News’s “The Ingraham Angle.” 

He added that Iran’s goal was to “menace” the Middle East and ultimately “interfere” with commerce and “prosperity” in the region.

Iranian leaders have closed the Strait of Hormuz and threatened to attack ships that attempt to pass through after the U.S. and Israeli militaries launched strikes on the nation over the weekend.

A fifth of the world’s oil passes through the choke point each day 

As a result, crude oil costs spiked on the international market and U.S. gas prices rose by 10 cents, signaling concern for potential long-term instability. Secretary of State Marco Rubio said earlier this week that the Trump administration has a plan to offset price increases.

Wright also suggested the Strait of Hormuz’s closure would be “temporary.”

“There’s not traffic going through it today, but that’s a temporary event. … So we’ll get through this. It’ll be a bump on the road,” he told Laura Ingraham. 

He also lauded President Trump’s move to provide added insurance for ships carrying oil through the waterway and said U.S. Navy ships could guard protected vessels.

When asked if any ships have taken up Trump on the offer, Wright said, “No, not yet.” 

“We say we’ll do … we’ll do that as soon as we can,” Wright said, in reference to military escorts. 

“Right now our Navy, and of course, our military, is focused on other things, which is disarming this Iranian regime that’s been striking out at all of its neighbors and Americans in every way it can. So right now, we got to, we got to focus on defanging Iran,” he told the host.

“But not in the not-too-distant future, will be able to use the Navy to get energy flowing again, but in the meantime, markets are very well supplied,” he added.