Energy Secretary Wright predicts falling fuel prices despite Middle East tensions

In the interview, Energy Secretary Chris Wright explained that U.S. gasoline output has reached a historic high and that shipments through the Strait of Hormuz are increasing, which together should lower gasoline and diesel prices before the upcoming election. He pointed to waning summer demand and a recent G7 decision to release 100 million barrels of fuel over four months as additional support for diesel prices, expecting them to stay below $6 per gallon through the winter.

Wright acknowledged continued Iranian attacks on shipping and the presence of a third carrier strike group in the region, but said there are no guarantees in conflict. He criticized past Democratic energy policies that reduced refining capacity and highlighted efforts to reopen closed refineries, including those in California shut by Governor Gavin Newsom. When asked about President Trump's consideration of a diesel export ban and possible tariffs on China and India, Wright said the president is still weighing options and that ongoing dialogue aims to end the war in Ukraine and keep energy markets stable. He concluded that while political calculations exist, the administration's priority remains expanding supply and preventing a nuclear-armed Iran.