00:00If you've been cringing when you go to fill up at the pump recently, I have some good news.
00:04Gas prices will soon dip below $3 a gallon, according to Energy Secretary Chris Wright.
00:09He said that despite global pressure on oil prices, consumer costs are still, quote,
00:14$1.50 a gallon cheaper than they were in the middle of Biden's term.
00:17The most recent spike in gas prices comes after U.S. and Israel began their strikes on Iran.
00:22But Wright says it's only temporary. Here he is on CNN's State of the Union.
00:26You never know exactly the time frame of this, but in the worst case, this is a week's.
00:31This is not a month's thing.
00:33Now, what's interesting here is that week or so timeline comes as Secretary of War Pete Hegseth says the operation
00:40in Iran could take eight weeks.
00:42And the biggest issue for global oil prices is the current shutdown of the Strait of Hormuz.
00:4720 to 25 percent of the world's oil is shipped through that waterway and traffic is ground to a halt
00:52thanks to Iranian threats of retaliation.
00:55And to that, over the weekend, huge black plumes of smoke seen over Iran's capital Tehran after strikes hit an
01:02oil depot, sending crude prices even higher.
01:05Here's what the Energy Secretary said about that one.
01:08There are no plans to target Iran's oil industry, their natural gas industry or anything about their energy industry.
01:14If these are Israeli strikes, these are local fuel depots to fill up the gas tank, you know, in this
01:19neighborhood in Tehran.
01:21The U.S. is targeting zero energy infrastructure.
01:24And before we move on from all things Iran, as many around the globe expected, Ayatollah Ali Khamenei's son, Mojtaba
01:30Khamenei, has officially been named the country's next supreme leader.
01:33The news was reported on Iranian state TV on Sunday.
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