US to announce steps to help refiners produce more fuel, energy chief Wright says

U.S. Energy Secretary Chris Wright announced that Washington will disclose measures within days to aid refiners in increasing fuel production, amid President Donald Trump's efforts to curb soaring gasoline prices triggered by the U.S.-Israeli conflict in Iran. Refiners are currently operating at high capacities due to elevated fuel prices, which have significantly increased margins.

Wright, speaking at an ExxonMobil oil rig site in Midland, Texas, the heart of the U.S. oil industry, discussed potential government support to further enhance refinery throughput through meetings with industry representatives. Increasing fuel output in the U.S. and globally is crucial for alleviating high gasoline prices, with the average U.S. price for regular gasoline exceeding $4.06 a gallon, as per AAA, a 30% rise compared to the previous year.

Trump justified the war by stating that paying a modest amount more for gasoline is worth preventing an "evil" nation from acquiring a nuclear weapon. Wright emphasized that Americans should be patient, as Iran cannot currently export oil and Iran's power is gradually diminishing. Wright remained uncertain about the future of maritime traffic through the Strait of Hormuz but assured that efforts will continue to escort it effectively.

When asked whether Trump could wait Iran out as economic sanctions tighten and Iranian oil exports face an embargo, Wright responded affirmatively, highlighting that the president is adopting a long-term approach.