US plans to aid refiners to produce more fuel
Midland, Texas - U.S. Energy Secretary Chris Wright announced on Monday that Washington plans to take steps 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 with Iran. U.S. refineries, already operating at high rates due to rising fuel prices boosting margins, face pressure to further raise their throughput, Wright stated at an ExxonMobil oil rig site in the Permian Basin, the core of the U.S. oil industry.
Wright met with refiners on Monday to discuss potential government support for boosting output. He emphasized that raising refinery output in the U.S. and globally is crucial for alleviating the issue of persistently high gasoline prices, which currently average over $4.06 per gallon, nearly 30% higher than a year ago.
Trump has framed the high gas prices as a risk to his Republican party's campaign strategy for retaining Congress's narrow majorities in the November midterm elections. The President has publicly stated that accepting slightly higher gasoline prices is acceptable to ensure Iran cannot develop nuclear weapons. Wright noted that 30 ships traveled through the Strait of Hormuz over the weekend, and Iran currently cannot export any oil.
However, he could not confirm if traffic through the strait would return to pre-war levels of 20 million barrels per day.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
