From Daily Caller:
After the military strikes of Operation Epic Fury began Feb. 28, Iran sought to block U.S. transport vessels from passing though the Strait of Hormuz, the waterway separating the country from the Gulf States through which an estimated 20% of the world’s oil demand usually flows. The reduction in shipping volume has led to the surge of oil prices in the following weeks.
“We have done many, many actions to mitigate that price rise,” Wright tsaid. “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,” the energy secretary continued. “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.”
WATCH:
Read more at Daily Caller
The Dennis Michael Lynch Podcast archive is available below, with the most recent on top. Never miss an episode. Subscribe to the show by downloading The DML News App or go to Apple Podcasts.
