Wright defends gas prices amid Iran conflict, says fuel still cheaper than under Biden

WASHINGTON, DC: Energy Secretary Chris Wright defended the recent rise in gasoline prices, saying the increase is tied to uncertainty in global energy markets during the ongoing conflict with Iran.

In multiple television interviews on Sunday, March 8, Wright argued the US remains well supplied with oil and natural gas and predicted that fuel prices would soon fall again.

Administration officials say steps are being taken to stabilize global supply routes and keep energy shipments moving through key shipping lanes. The comments come as gasoline prices climbed above $3 per gallon nationwide for the first time since November, following the start of the US military operation against Iran.

Energy supplies remain strong, says Wright

Wright said recent price fluctuations are largely the result of market perception rather than a shortage of energy supplies.

Speaking with CNN, he argued that the United States and its allies currently have strong production levels and adequate reserves.

“Gasoline today is still $1.50/gallon cheaper than it was in the middle of the Biden administration, but we want it back below $3 and it will be again before too long,” Wright said. “Iran has raised energy prices for Americans for decades. It's finally coming to an end.”

According to Wright, the administration’s strategy centers on maintaining the flow of oil and other energy products through the Persian Gulf region despite ongoing military tensions.

He said officials are working to ensure that oil, natural gas and other commodities can continue moving through major shipping routes. “The plan is to get oil, and natural gas, and fertilizer, and all of the products from the Gulf flowing through the straits,” Wright said during a Fox News interview.

“One large tanker has already gone through the straits with no issues at all… energy will flow soon.”

Wright also suggested that current price increases are being driven by investor concerns about the duration of the conflict rather than physical supply shortages.

“Energy markets are massively well supplied right now,” he said. “The run-up in prices has nothing to do with any shortage of barrels of oil or natural gas. It's just fear and perception.”

Chris Wright speaks during a meeting with oil and gas executives in the East Room of the White House on January 9, 2026, in Washington, DC. Donald Trump convened the meeting to discuss potential investment in Venezuela following the ouster of its leader, Nicolás Maduro

He also emphasized the administration’s broader “energy dominance” strategy, noting that the United States is currently a net exporter of both oil and natural gas.

Wright said officials have been working with international partners to keep global markets supplied while military operations continue.

Karoline Leavitt: 'This is a short-term disruption' 

White House press secretary Karoline Leavitt echoed those remarks, saying the administration had taken steps to help protect energy shipments and reduce market disruptions.

“The president and his energy team are on the ball. They've announced political risk insurance for cargo vessels and oil ships,” Leavitt said. “This is a short-term disruption… but ultimately, taking out the rogue Iranian regime is going to be a good thing for the oil industry, and those prices are going to come back down just like they have over the course of the past year because of President Trump's American energy dominance agenda.”

Trump has also described the recent increase in fuel prices as temporary. In a phone interview with CNN, he said the spike would be “short-term” and predicted prices would “go way down, very quickly.”