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Energy Secretary Chris Wright projects lower gasoline prices as production increases and demand decreases

Energy Secretary Chris Wright stated that gasoline prices are likely to decrease in the coming weeks as production increases and demand falls following the end of the summer driving season. The administration announced a change in regulations that allows American refiners to produce more gasoline and diesel with existing equipment.

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Wright noted that diesel prices recently hit a record high of $5.85 to $5.89 per gallon, influenced by Ukrainian strikes on Russian refineries and a ban on Russian diesel exports. He attributed high energy costs to 15 years of Democratic policies that reduced hydrocarbon production, including the closure of over a dozen U.S. refineries. To address supply shortages, the administration is focusing on expanding production in Alaska, the Gulf of America, and Venezuela. Wright highlighted a deal with Venezuela to increase oil exports by 50 percent at zero cost to American taxpayers. He also noted that while several Democratic-governed states have declined to adopt new blending standards, the administration continues to push for maximum production to lower costs for consumers.

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