US Energy Secretary Chris Wright said Washington will announce steps within days to help refiners boost fuel output. The move aims to rein in high gasoline prices, which have spiked during the US-Iran conflict. According to Wright, US refiners are already running at strong rates due to high fuel prices. However, he noted that refineries in the Middle East have reduced output.
Fuel Prices
The average US price for regular gasoline is over $4.06 a gallon, up nearly 30% from a year ago. Wright met with refiners to discuss government support for increasing refinery output, which he believes is key to lowering gasoline prices.
Government Support
Wright told reporters that President Trump is asking Americans to 'bear with him' as the world cannot afford Iran having a nuclear weapon. The US government is taking a long-term approach to the situation, with Wright stating that the president has latitude to wait Iran out as economic sanctions tighten.