Chris Wright cited rising supply, seasonal demand and planned G7 fuel releases, while acknowledging there are no guarantees amid conflict.
Energy Secretary Chris Wright said on Face the Nation that he expects gasoline and diesel prices to continue falling in the coming weeks. He pointed to rising supply, record-high U.S. gasoline production and the usual seasonal decline in driving demand after summer. Wright said diesel had already fallen by a little more than 20 cents, but did not give a precise timetable for further declines.
On supply risks, Wright cited increased energy flows through the Strait of Hormuz and potential threats to infrastructure in the Persian Gulf. He acknowledged there were no guarantees during conflict. He also welcomed the G7 agreement to release 100 million barrels of fuel over four months, including a front-loaded diesel release over the next 20 days, and said it could put downward pressure on prices in the United States, Europe and elsewhere.
Asked about a possible diesel export ban and tariffs on major buyers of Russian oil, including China and India, Wright declined to predict the president’s decisions. He said the administration was weighing different tools to lower prices while seeking to end Russia’s war against Ukraine. His forecast remains an expectation, not a guarantee, and he acknowledged uncertainty over timing and conflict-related risks.