What happened
Energy Secretary Chris Wright appeared on Face the Nation with Margaret Brennan, discussing the current state of gas and oil prices. He expressed confidence that prices will decrease by election day, citing increasing supplies and record-high US gasoline production. Wright attributed the current high prices to various factors, including the Russia-Ukraine war, China's decision not to export diesel or gasoline, and the closure of two large refineries in California.
Wright also addressed the potential for an October surprise that could impact energy prices, stating that while there are no guarantees, the administration is working to grow the supply of diesel and gasoline. He mentioned that the US is sending defensive equipment to the Gulf countries to protect their oil infrastructure and that a gathering of national security advisers at Camp David discussed Iran and the conflict in Yemen.
The conversation also touched on the recent agreement among G7 countries to release 100 million barrels of fuel over four months, with a focus on diesel in the next 20 days. Wright believes this move will drive diesel prices down, not just in the US but also in Europe and around the world.
Additionally, Wright discussed the possibility of the US imposing tariffs on China and India for buying Russian fuel, stating that the president will evaluate the trade-offs and make a decision by October 18th. Wright emphasized the administration's goal of ending the war in Ukraine, which would dramatically lower energy prices.
