WASHINGTON: The US Treasury Secretary Scott Bentsen projected a positive view for the future of energy prices in the world, stating that there would be a considerable fall in oil prices owing to the increasing export of energy by the US.
In an interview with a news channel in the USA, he indicated that the energy prices would fall drastically after the war situation as the USA was becoming a leader in the energy field in the world.
It should be noted that energy exports from the USA have touched an all-time high, thus making the USA a leader in the energy market in the world. However, according to him, the main problem is the insufficient infrastructure in the country.
“Energy prices will fall drastically in the coming years,” he remarked. “The USA is becoming a big player in energy exports in the world, but infrastructure is the problem.”
Bentsen also talked about the developments taking place around the Strait of Hormuz where it is likely that there will be more shipping traffic coming through. However, the Treasury Secretary did not think that the economic consequences of Iran’s decision to impose toll charges on ships were that significant since this was something that had not really earned much revenue for Iran.
“Iran’s toll collection effort from the passing ships at the Strait of Hormuz is yielding little benefit,” Bentsen observed with regard to the tension in the region.
Additionally, Bentsen briefly talked about Donald Trump’s visit to China and his interaction with Xi Jinping. According to the Treasury Secretary, it would be unlikely that any important developments would occur as there are very little chances of policy changes during this discussion.
Trump: Positive talks with Iran could lead to significant peaceful outcomes
Meanwhile, US President Donald Trump announced on his social media that the diplomatic talks between the US and Iran are proceeding well and hinting at the prospects of reaching peace in the Middle East region. This comes after rising tension in the region over the vital sea route called the Strait of Hormuz.
The president further said in his statement that the negotiations between the two countries have been going well and this can lead to some fruitful results for everyone concerned. He also said that he would begin the task of releasing ships stranded at the Strait of Hormuz from Monday morning onwards. These ships were trapped in the region amidst the rising tension between Iran and other international forces.
“Starting Monday morning, we are set to release ships stranded in the Strait of Hormuz. This is our project called ‘Project Freedom’ aimed at clearing the path for these ships through the Strait,” Trump said in his statement.
Trump declared that the trapped ships required essential supplies which they needed to survive their current situation. The United States will demonstrate its dedication to protecting ships that pass through the Strait of Hormuz by this program which will reduce demands on these nations.
President Trump issued a warning that any person who tries to stop the humanitarian mission will face severe consequences. The move is seen as part of a broader U.S. strategy to stabilize the region, ensure the free flow of trade, and reduce tensions with Iran.
The Strait of Hormuz serves as an essential maritime route that handles both oil and cargo shipments between countries. Recent months have shown that ship passage disruptions create risks that endanger both international trade and security operations.
