Energy Secretary says Trump administration plans to add diesel to market as fuel prices rise
The Facts
- Chris Wright said the Trump administration plans to bring additional diesel to the market.
- Wright said the administration has ideas to add extra diesel supply and expects that to happen soon.
- Wright said the administration is not considering limiting diesel exports.
- Diesel prices have risen sharply, with one report saying they were up about 40% to $5.29 per gallon, the highest level since 2022.
- Wright said oil prices have not risen enough to cause meaningful demand destruction.
- Wright said higher prices are intended to signal producers to increase output.
- Multiple reports said the U.S.-Israel war with Iran and disruption around the Strait of Hormuz have contributed to the energy price surge.
Context
Why is the administration focused on diesel?
CNBC reported that Wright said the administration wants to bring extra diesel to market as prices surge, and he said diesel is important because it is used by trucks and freight trains to move goods CNBC.
Is the administration considering restricting diesel exports?
No. Wright said the U.S. is not considering limiting diesel exports, saying the government does not want to interrupt the free flow of energy trade CNBC.
What else has Wright said the government may do about energy prices?
Other reports say Wright has discussed possible additional oil releases from the Strategic Petroleum Reserve, though he described that option as highly unlikely, and he also said refinery efficiencies could help lower fuel prices Investing.com,WSJ.
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