Chris Wright on Iran Warning of Oil Prices Hitting $200 a Barrel: ‘I Don’t Listen Much to Iranian Projections’

RUSH EXCERPT:
WRIGHT: "So Iran for 47 years has called the United States the great satan. So because they call us the great satan, I don’t think we are the great satan. Clearly, we’re not. So I don’t listen much to Iranian projections of what’s going to happen –"

WELKER: "So is that a no?"

WRIGHT: "It is a very important waterway. I would pay no attention to what Iran says, but there is a lot of energy that flows through the Strait of Hormuz and depending upon the timing and manner the conflict comes to an end, we will see some elevated pricing until we get there. Where it’s going to go – we have done many, many actions to mitigate that price rise. You saw the announcement of a coordinated release of 400 million barrels of oil with over 30 nations of the world participating in that. We’ve had allies in the Middle East that moved oil overseas before the conflict started. Heck, we just announced yesterday bringing on a meaningful amount of oil production in the state of California from offshore that California has fought foolishly to prevent new American oil to go into their own state, and we said enough is enough, and we’ve got new oil production coming on in California. So lots of actions we’re taking to mitigate this price rise."