Gas prices increased from under $3 a gallon to over $4.50 a gallon since the start of the Iran conflict. The energy secretary declined to project future prices but said record U.S. oil production and record refining capacity are in place. He said blending requirements were changed to produce more gasoline for peak summer driving demand. He also said extra crude was released in coordination with 30 other nations due to market disruption. When asked about using the strategic petroleum reserve, he said oil was released that day. He framed higher prices as a shared cost of disruption and argued that the cost of inaction would be far greater.
"So where do you expect the prices to go over the summer? What's your assessment given supply and demand over the summer? Are they gonna go higher? CHRIS WRIGHT: I don't make projections, particularly about the future, Martha. But I will say that under President Trump's leadership, you know, we're at record U.S. oil production today, record-refining capacity. We changed the blending requirements this summer to allow us to produce even more gasoline than we would normally produce for the peak summer driving season. And with 30 other nations around the world, we've released extra crude in the market during this disruption because, yes, there is a disruption. Prices are higher than they would otherwise be, but I think President Trump summarized it well. This is a price we're all having to pay, but the cost of inaction is vastly, vastly larger than this price."
"MacCallum pressed him on whether oil reserves should be used to provide a little bit of relief to Americans facing not only rising gas prices, but inflation woes as well. We did tap into the strategic petroleum reserve, and we are releasing oil today, Wright said, as he argued that this is a price we're all having to pay."
"Wright joined MacCallum on Fox News' The Story, and MacCallum focused her questions on gas prices, which have shot up from a national average below $3 a gallon to over $4.50 a gallon since the start of the Iran conflict. I don't do projections, Wright declared when it comes to gas prices. The energy secretary insisted that everything that can be done is underway to relieve gas prices, noting domestic production and coordinating with ally countries is in effect."
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