U.S. officials at the CERAWeek conference in Houston emphasized short-term energy stability despite record-high oil prices. U.S. Energy Secretary Chris Wright and Interior Secretary Doug Burgum highlighted expanding exports and coal plant retention, projecting temporary price impacts.
Global executives disagreed, warning of prolonged shortages. Chevron CEO Mike Wirth noted repair costs for damaged infrastructure could reach $25 billion. Shell CEO Wael Sawan warned Europe faces fuel shortages by April if the conflict persists.
Asian nations are already feeling the strain. Japan may tap strategic reserves, while South Korea urges energy conservation. The Philippines declared a state of emergency over dwindling oil supplies.
Trump’s approval ratings have dipped amid surging fuel costs ahead of midterm elections, as high prices ripple through economies worldwide.