AXIOS (Avery Lotz) - Trump's energy chief blames oil price spike on market fear
The Trump administration 's top energy official argued Sunday that fear — not supply shortages — is driving a historic surge in oil prices. The big picture: The world is well-supplied with oil, but markets are reacting to real-world disruptions — a strangled Strait of Hormuz , halted production and strikes on fuel storage. - The administration is road-testing a political argument to insulate itself from pocketbook pain in a midterm year. - The record-breaking surge lifted gasoline 47 cents a gallon in the last week and diesel 83 cents a gallon, per AAA . What they're saying: Energy Secretary Chris Wright told Fox News Sunday that the price run-up "has nothing to do with any shortage of barrels of oil or natural gas. It's just…
The Trump administration 's top energy official argued Sunday that fear — not supply shortages — is driving a historic surge in oil prices. The big picture: The world is well-supplied with oil, but markets are reacting to real-world disruptions — a strangled Strait of Hormuz , halted production and strikes on fuel storage. - The administration is road-testing a political argument to insulate itself from pocketbook pain in a midterm year. - The record-breaking surge lifted gasoline 47 cents a gallon in the last week and diesel 83 cents a gallon, per AAA . What they're saying: Energy Secretary Chris Wright told Fox News Sunday that the price run-up "has nothing to do with any shortage of barrels of oil or natural gas. It's just…Open