Florida Republican says gas prices will stay high until Iran war ends

HUNT VALLEY, Md. (TNND) — Senator Rick Scott, the Florida Republican, said Wednesday that gas prices will be high until the Iran war ends.

“We want prices to come down,” he told CNN.

“I think, unfortunately, prices are gonna be up for a while until this ends, but with Venezuelan oil coming on, with American oil and gas coming on, with hopefully a positive resolution to this conflict, I think prices will come down even further.”

Prices have soared in the dozen days since the U.S. and Israel killed Iranian Supreme Leader Ali Khamenei. His death promoted Tehran to strike foreign assets around the Middle East and warn ships against traveling through the Strait of Hormuz, a critical passage for tankers transporting oil from Gulf states.

The cost of crude rose as a result, leading gas prices to spike across the U.S.

The Trump administration, which became able to access Venezuelan oil after arresting the state’s president, is also releasing more than 170 million barrels from its own emergency reserve.

Gas prices may still remain high until travel through the Strait of Hormuz resumes. A fifth of the world’s oil passes through it.

Have questions, concerns or tips? Send them to Ray at rjlewis@sbgtv.com.