The next is the transcript of the interview with Power Secretary Chris Wright that aired on “Face the Nation with Margaret Brennan” on March 8, 2026.
MARGARET BRENNAN: We flip now to Power Secretary Chris Wright, who joins us this morning from Denver. Good morning to you.
SECRETARY OF ENERGY CHRIS WRIGHT: Thanks for having me Margaret.
MARGARET BRENNAN: So 50,000 U.S. troops deployed, six Individuals that we all know of thus far killed in motion, civilians stranded. We take a look at our polling, Mr. Secretary, and we see that that is an unpopular battle among the many majority of Individuals. Greater than half of them, 56% disapprove. While you communicate to power executives concerning the scope and period of American involvement, what do you inform them? How lengthy?
SEC. WRIGHT: I inform them that for 47 years, Iran is warg- waged battle in opposition to the USA, they usually’ve- all through that 47 years, they’ve tried to undermine the power growth and power infrastructure of all their neighbors, as they’re doing proper now, and it is time to put it to an finish. So sure, we’ve got a, we’ve got a short lived interval of elevated power costs, nevertheless it won’t be lengthy. Within the worst case, that is weeks, this isn’t months, and it results in a a lot better place. It results in an Iran that is defanged, that may’t threaten its neighbors, cannot threaten American troopers and might’t proceed to drive up power costs by making a multitude of the Center East. They’ll transfer to commerce, not battle.
MARGARET BRENNAN: Effectively, however you might have the second we’re in proper now, and as you realize, gasoline costs up 14% prior to now week. In response to AAA, experiences the nationwide common is $3.45. We have seen oil costs spike. How excessive do you assume oil and gasoline are going to go?
SEC. WRIGHT: They should not go a lot increased than they’re right here as a result of the world could be very properly equipped with oil. There isn’t any power scarcity in any respect within the Western Hemisphere.
MARGARET BRENNAN: Proper.
SEC. WRIGHT: The USA is a internet exporter of oil, a big internet exporter of pure gasoline. However refineries in Asia and Europe are seeing an interruption from the conventional crude flows. However there may be large power shops all over the world. What you are seeing is emotional reactions and worry that it is a long run battle. This isn’t a long run war–
MARGARET BRENNAN: –However–
SEC. WRIGHT: –It is a short-term motion.
MARGARET BRENNAN: Sorry, go forward, short-term motion.
SEC. WRIGHT: No, I am saying look, we have seen earlier administration have finished every thing they might. They begged, bartered and bribed the Iranian authorities to cease its nefarious exercise, cease its murderous conduct, and it merely hasn’t labored, and now, they’re, they’re increasing missile and drone program which can be quickly rising to guard their need to construct a nuclear weapon. We’ll cross the edge the place we won’t put them again within the field. Now could be the time to finish their threat to America and the world.
MARGARET BRENNAN: However as you realize, once I ask you about power costs, this isn’t a provide downside. You mentioned there’s loads of provide. The top of the Worldwide Power Company mentioned, lot of oil, logistics are the issue. It is dislocation. It is a major problem. So what he is referring to there may be having the ability to truly transfer it round. I do know you mentioned there’s, there’s one vessel that is gone via the Strait of Hormuz. 20 million barrels per day sometimes undergo it. When do you get again to that stage?
SEC. WRIGHT: Oh, I believe will probably be comparatively quickly. After all, I do not know precisely. All of our army belongings proper now are targeted on ending Iran’s means to kill their neighbors, threaten American troopers and threaten ship site visitors within the Strait of Hormuz, however that is going swimmingly properly. Their missile launches are down 90%, the drone launches are down over 80% I believe within the comparatively close to time period, you are going to see their capability so low that we’ll see extra regular ship site visitors return to the Strait of Hormuz.
MARGARET BRENNAN: So you do not assume Navy escorts of vessels are obligatory?
SEC WRIGHT: They is likely to be. They is likely to be. The U.S. is right here to do every thing we are able to to maintain world oil markets equipped. Sure, if they’ve some residual–
MARGARET BRENNAN: –When will you make that call?
SEC. WRIGHT: We’re, we’re in engagement proper now with those that wish to get tankers shifting out of the Gulf. And so, sure, there might be there- early tankers in all probability will contain some direct safety by the U.S. army, however most vital is to defang their means to threaten these ships.
MARGARET BRENNAN: So the president had mentioned he was open to tapping the American stockpile of oil, the Strategic Petroleum Reserve, however I noticed you on different networks this morning, sort of throwing chilly water on the concept. You referred to it as depleted. Are you saying America would not have ample stockpiles?
SEC. WRIGHT: No. America nonetheless has over 400 million barrels of oil in our strategic petroleum reserve, and, in fact, strong manufacturing. We’re, we’re, very happy to make use of that if it is wanted. However as you mentioned earlier, it is a logistics situation. The place do they want oil? They want oil at refineries in Europe and in Asia. And that is why we took a really pragmatic step. There’s over 100 million barrels of floating Russian crude ready in line to ship to China. That is going to be bought, it may be refined, however that might be one or two months from now. So in a practical method, with no change in U.S. coverage in the direction of Russia, we instructed the Indians, convey that into your refineries. You recognize, if you happen to, if you happen to’re feeling a scarcity of crude, costs are being bid up, draw down that Russian crude shares which can be sitting proper offshore.
MARGARET BRENNAN: Yeah. So on that time, the U.S. has briefly suspended some sanctions to make that Russian oil, you say was already going to be bought anyway, make it accessible. However would not Russia nonetheless financially profit from that? Why is not the U.S. seizing these Russian tankers if they’re our adversary?
SEC. WRIGHT: As a result of proper now, as a result of proper now, we’re frightened about Iran and fixing a 47-year downside there, and we’re frightened about American customers. We wish to cease the rise in–
MARGARET BRENNAN: –Russia was serving to Iran–
SEC. WRIGHT: –gasoline and diesel costs. Effectively, there’s been rumors of that. We do not know if that is true or not. Actually, they’ve gotten a robust message from us. However that is oil already on the ocean–
MARGARET BRENNAN: –These Iranian drones have Russian elements in them. The Russians have been shopping for Iranian drones. That could be very properly documented, and CBS has confirmed and reported that there was sharing of intelligence. Russia offering intel to focus on Individuals. So how is Russia not a part of this?
SEC. WRIGHT: Look, Russia, Russia is professional at inflicting hassle all over the world, so I am not saying they are not. I am saying I do not- in the event that they’re serving to Iran, it isn’t working very properly, however we’re not serving to Russia by simply accelerating the sale of their oil to cease the rise of power costs and preserve European and Asian refineries in oil. We’re simply doing pragmatic issues to get via a brief interval that may usher in an period of even decrease power costs as a result of a significant power producing area of the world, the Center East, will not have a robust, highly effective Iran that may threaten their neighbors, that may threaten the USA of America and was not distant from a nuclear bomb. That is an–
MARGARET BRENNAN: –How much–
SEC. WRIGHT: –unacceptable situation. That is the danger to power costs was not doing something.
MARGARET BRENNAN: So when the Qataris say you could possibly see $150 barrel in oil, that is one thing America may abdomen? President Trump would not say, I am finished with this battle as a result of I can not stand the political strain and the American folks saying I do not like what I am paying on the pump?
SEC. WRIGHT: No, the president’s going to proceed to remain targeted on ending a 47-year battle, keep targeted on rising the worldwide power provide. That is truly a part of that effort. It does contain a short lived obstacle to power manufacturing, however on the opposite facet, it is going to permit way more power manufacturing and far decrease power costs. However this isn’t a long run battle. Most presidents have simply thought, they will kick the can down the highway. The chance is just too nice to kick that more and more harmful can down the highway.
MARGARET BRENNAN: Yeah.
SEC. WRIGHT: President Trump’s daring management is sufficient’s sufficient. We’ll put it to an finish.
MARGARET BRENNAN: I wish to ask you about Venezuela. The U.S. deposed Maduro. He is sitting in a jail. Simply this previous week, although, we had the inside secretary visiting Venezuela and sitting throughout from Maduro’s Chief thug, Diosdado Cabello. That is somebody who has a $25 million bounty on his head. He ran the prisons, he ran the militias. He was handled as a counterpart to an American official. Is that this the identical playbook the Trump administration goes to run in Iran, that you’ll take care of the identical regime you have been telling me is horrible to take care of for 47 years?
SEC. WRIGHT: We do not know what the regime shall be in place on the, on the finish of this battle, however we do know that regime won’t have an enormous weapons arsenal, that that regime will not be an enormous menace to Individuals and to the Center East and to world oil provides. President Trump is utilizing daring management. We won’t change the world at a blink of an eye fixed, however we are able to steer it in massively constructive instructions, and sure, Venezuela is a good instance of that. Crime within the close by Trinidad and Tobago has plummeted already from our actions in Venezuela, and President Trump’s insistence that he will work with that our neighbors to scale back drug trafficking within the Western Hemisphere. Management takes- includes dangers, however if you wish to drive enchancment, you have to be assured, you have to have the appropriate agenda, and you have to have the braveness to do it. This president does.
MARGARET BRENNAN: Power Secretary Wright, thanks in your time this morning. Face the Nation shall be again in a minute. Stick with us.
