Energy Secretary Says ‘No Guarantees’ Oil Prices Will Fall Soon
Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tanker passage. Iran has been firing projectiles and laying mines.
U.S. Energy Secretary Chris Wright directed a Texas-based oil and gas company Friday to restore operations in waters off southern California that were damaged by a 2015 oil spill, invoking the Defense Production Act.
Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tanker passage. Iran has been firing projectiles and laying mines.
The Trump administration on Friday took action to clear the way for oil production off the California coast in a bid to ease the global fuel pressures created by the war with Iran.
The Trump administration on Friday directed Sable Offshore to restart its operations of the Santa Ynez Unit and Santa Ynez Pipeline System off the coast of California, which comes as oil and gas prices surge as a result of Iran’s closure of the Strait of Hormuz. Energy Secretary Chris Wright’s order for oil production, which…
The move aims to restart oil production at a cluster of offshore platforms as fuel prices continue to rise in the wake of the war on Iran.