HOUSTON—U.S. Energy Secretary Chris Wright said the global economic shock fostered by Iran’s de facto closure of the Strait of Hormuz and attacks on neighboring Gulf state energy infrastructure is a temporary disruption that underscores the long-term strategic value in increasing energy production, especially oil and gas.
“Things are being done” now to stem skyrocketing fuel costs that will create a more resilient supply chain once the Iran war is resolved, he told S&P Global Vice Chairman Daniel Yergin on March 23 during an opening session of the 44th annual CERAWeek by S&P Global conference at the Americas Hilton-Houston.
