HOUSTON — Energy Secretary Chris Wright told oil and executives Monday that surging crude prices amid the war in Iran should encourage their companies to ramp up production, even as he continued to insist the disruption would be “short-term.”
“Markets do what markets do,” Wright said at the CERAWeek by S&P Global conference in Houston. “Prices went up to send signals to everyone that can produce more: ‘Please, produce more.’”
The world’s energy industry is gathered in the U.S. energy capital this week as uncertainty mounts around the war in Iran and crude costs rise. American oil companies haven’t yet announced major plans to increase their production.
Producers have been skeptical to do so as the market chaos has meant many are unwilling to spend money on potentially unprofitable wells.
