Energy Secretary Chris Wright projected Friday the Strait of Hormuz will reopen “sometime this summer at the latest,” predicting a deal with Iran could come within days while warning the U.S. military stands ready to force the waterway open if Tehran refuses.
The remarks, delivered at a liquefied natural gas terminal in Cameron, Louisiana, came as the national average gasoline price climbed to $4.53 per gallon and as President Donald Trump pressed Congress for a federal gas tax pause to ease consumer strain during a fragile U.S.-Iran ceasefire.
Wright spoke with CNBC’s Brian Sullivan on “Squawk Box,” casting the disruption as a temporary lever Iran cannot hold.
He said U.S. liquefied natural gas exports are expanding by 2.5 billion cubic feet per day to help offset roughly 10 billion cubic feet per day in global supply lost to the Hormuz interruption.
“Traffic will be flowing through the Straits [sic] of Hormuz, you know, as soon as we can, but certainly sometime this summer at the latest,” he said, adding that a diplomatic resolution could be reached “in the next few days.”
The secretary said the alternative is force.
If Iran “continues to hold the world economy hostage, the United States military will force the reopening of the Straits [sic] of Hormuz, but that’s not trivial to do,” he said, noting that early military steps have been taken, but a negotiated outcome is preferable.
The U.S. and Iran agreed to a two-week ceasefire on April 8, mediated by Pakistan, and Trump extended it on April 21.
Both sides have accused the other of violations, and Trump this week called the ceasefire on “massive life support” after rejecting Tehran’s latest counterproposal.
Asked who is in charge in Tehran, Wright pointed to disarray inside the regime.
Iran’s new supreme leader, Mojtaba Khamenei, has not appeared publicly since his March 9 selection, and a diplomatic memo cited by The Times of London in April, said to be based on U.S. and Israeli intelligence, described him as incapacitated. Iranian officials disputed the severity.
Wright said the uncertainty “could ultimately lead to change in regime in Iran.”
The gas pricing backdrop has been politically punishing.
AAA on Friday listed the national average at $4.53 per gallon, with California at $6.15 and three states above $5.
Wright in March predicted prices below $3 by summer, then suggested in April that the benchmark might not arrive until 2027, a forecast Trump publicly rejected.
Trump on Monday called for a moratorium on the 18.4-cent federal gas tax, which funds the Highway Trust Fund and requires congressional action to suspend.
Sen. Josh Hawley, R-Mo., filed a 90-day suspension bill, and Senate Majority Leader John Thune, R-S.D., said he is open to a hearing.
House Democrats and industry groups have pushed back, arguing the cut would drain road funding while delivering only modest pump savings.