The nationwide surge in gas prices due to the ongoing conflict in Iran is likely a temporary "blip on the radar," according to U.S. Rep. Barry Moore (R-Enterprise).
On Wednesday's episode of WVNN's "The Yaffee Program," Moore explained that violence often causes markets to fluctuate, but he expects prices to drop back down, even if it takes "a few months."
"It's temporary. And often there's unrest in any markets. It can be the stock market. Anytime there's a talk of war or of attacks, there's going to be that. But I think what we've done in the recent future with Venezuela starting to move that old, we've got actually U.S. companies now that are producing oil in Venezuela. I think that you'll see it'll be a blip on the radar screen, but I feel like the president will be able also even there, getting the Strait of Hormuz opened up."
He continued, "If we can get the Iranian Navy, which it looks like we're taking those guys out, we'll get that flow of oil coming more freely to the supply will be here. The demand remains strong, and we pumped the oil, I think, in Venezuela with some of our companies down there that have already had great deal of, they've invested over the years, and then it was taken away from them in Venezuela by Maduro.
"So we get those companies coming online and continue to produce in the U.S. I think it's a blip. We'll see prices come down. It'll take a few months. And of course, summer, you know, prices tend to go up a little bit, but I hope we have it fixed by June or July. We'll see."
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