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Wright: administration open to measures to lower pump prices, declines to predict short-term gas prices
Summary
Energy Secretary Chris Wright said the administration is "open to all ideas" to lower gasoline costs, listed steps taken—releases from the Strategic Petroleum Reserve coordinated with other nations, EPA summer-blend rule adjustments, and outreach to refiners—and declined to make short-term price forecasts.
Secretary Chris Wright told Meet the Press he could not predict short- or medium-term oil or gasoline prices but that the administration had taken several steps to relieve pump prices and was open to additional measures, including temporary tax relief.
Asked whether gas could be back under $3 a gallon by the summer travel season, Wright said he "can't make any predictions about," oil or gasoline prices and repeatedly emphasized uncertainty tied to ongoing conflict and shipping disruptions. He said, however, that "there's a very good chance" prices could fall and described U.S. fundamentals — including being a leading global producer of oil and natural gas — as a long-term strength.
On possible policy responses, Moderator noted state suspensions of gas taxes and a congressional bill to temporarily suspend the 18-cent federal gas tax. Wright said, "All measures that can be taken to lower the price of at the pump and lower the prices for Americans, this administration is in support of," while acknowledging trade-offs.
Wright listed administrative actions intended to increase supply: releasing oil from the Strategic Petroleum Reserve coordinated with about 30 other nations; revising Environmental Protection Agency summer gasoline blend rules to allow refineries more flexibility; and urging refiners to shorten maintenance windows so more product stays on the market. He said officials have been in contact with American refiners to encourage higher near-term output.
Moderator cited analysts at JP Morgan Chase who warned gasoline could reach $5 a gallon if refiners prioritize jet fuel. Wright said he would not make price predictions but argued global production increases in other countries and growing U.S. output would eventually help lower prices. He also noted International Energy Agency estimates of damage to Persian Gulf facilities, but said rebuilding global supply will draw on multiple sources.
Wright did not provide a timeline for when retail gasoline prices will decline to specific targets and repeatedly framed short-term price moves as dependent on conflict-related disruptions to shipping and regional production.
