Blevings added: “Information I received yesterday said it we see a resolution before the end of this month we may see a return to relative normality by quarter four”.
Quarter four would mean the start of October.
The Utility Regulator has warned that cuts in gas prices which took effect in April will be reversed if the crisis continues.
Higher wholesale higher prices have not yet been passed through to consumers, as energy companies buy their gas up to two years in advance.
The longer the conflict continues the less scope they have to “hedge” their prices in this way.
Chief Executive of the Utility RegulatorJohn French, also noted that wholesale prices in the all-island wholesale electricity market have risen by 19% since the start of the crisis.
Those prices have also not yet been passed through to households.
The MPs heard criticism of the £100 oil heating grant which was announced by the NI Executive last week.
It will be paid out to around 300,000 lower income households in about three months time.
Pat Austin, from National Energy Action, described it as “woefully inadequate.”
She compared it to similar schemes in Scotland and Wales where some households will get £300 or £200 respectively.