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Wright on Face the Nation: Iran Price Spike Is Weeks, Not Months; SPR Ready if Needed, Mar. 8, 2026

March 8, 2026 · U.S. Department of Energy · 0:09:49

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

Energy Secretary Chris Wright told CBS’s Face the Nation that Iran has waged war against the United States for 47 years and tried to undermine its neighbors’ energy development, and that it is time to put an end to it, according to Wright. He said there is a temporary period of elevated energy prices, but in the worst case it is weeks, not months, and leads to an Iran that cannot threaten its neighbors or American soldiers, according to the interview.

Asked how high oil and gas prices could go, Wright said they should not go much higher because the world is very well supplied with oil, there is no energy shortage in the Western Hemisphere, and the United States is a net exporter of oil and a large net exporter of natural gas, according to the interview. He attributed the spike to emotional reactions and fear of a long-term war, according to Wright.

Wright said Iran’s missile launches were down 90 percent and drone launches down over 80 percent, and that more normal ship traffic through the Strait of Hormuz should return in the relatively near term, with early tankers probably involving direct U.S. military protection, according to the interview. On the Strategic Petroleum Reserve, he said America still has over 400 million barrels in the SPR and robust production, and is happy to use it if needed, but that the problem is logistics — getting oil to refineries in Europe and Asia — according to Wright.

Why it matters

The secretary’s Sunday-show appearance is the administration’s early, dated prediction for the Iran conflict’s energy impact — weeks, not months — stated alongside the supply and stockpile figures he cited.

Scoreboard watch

Scoreboard candidate: Wright predicted on March 8, 2026 that elevated energy prices from the Iran conflict would last, in the worst case, weeks rather than months, and cited Iranian missile launches down 90 percent and drone launches down over 80 percent. Flagged for the scoreboard editor; no verdict is entered here.

Sources: U.S. Department of Energy, “Secretary Wright Joins CBS’ Face The Nation - March 8, 2026”, 2026-03-08 (official upload, embedded above; published 2026-03-08). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.