Authored by Tom Ozimek via The Epoch Times,
U.S. Transportation Secretary Sean Duffy said on Sunday that gasoline prices should begin to decline “immediately” once shipping resumes through the Strait of Hormuz,pushing back against analyst warnings that relief for consumers could take months.
Duffy, speaking on ABC’s “This Week” program on May 3, acknowledged that prices may take time to return to pre-war levels but said reopening the critical oil transit chokepoint would quickly ease pressure at the pump.
“Once the Strait opens, you'll see prices come down, come down immediately,”Duffy said.
“There’s going to be a tail to that ... but you’re going to see, I think, immediate relief.”
Prior to Duffy’s remarks, several analysts featured on the program said they expect fuel prices to climb further and predicted that a sustained decline could take months.
The transport chief’s comments come as U.S. fuel prices have risen to their highest levels in roughly four years, driven by disruptions linked to the Iran conflict and constrained flows through the Strait of Hormuz, a key maritime transit route that typically carries about one-quarter of global oil shipments.
Duffy’s remarks build on recent statements by President Donald Trump, whosaidon April 30 that gas prices would “drop like a rock” once the Iran war ends.
It comes as the Trump administration has launched “Project Freedom,” a military-backed effort to ease disruptions in the Strait of Hormuz.
U.S. Central Command said on May 4 that about 15,000 U.S. personnel, along with guided-missile destroyers, aircraft, and unmanned systems, would support merchant vessels “seeking to freely transit” the strait.
Source: ZeroHedge News
