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Energy secretary says gasoline prices should keep falling ahead of holiday travel
Summary
Secretary Christopher Wright said rising U.S. and Venezuelan oil production and resumed flows through the Strait of Hormuz should push crude and gasoline prices lower, noting local pump prices as an example.
Energy Secretary Christopher Wright told Maria Bartiromo on July 2 that gasoline and crude prices were likely to continue downward pressure going into the July 4 holiday as supplies rise. "They'll keep falling, Maria," Wright said, citing U.S. production at record levels, rising Venezuelan output and resumed shipments through the Strait of Hormuz.
Maria Bartiromo opened the interview with market figures, saying crude was at $67.27 (down almost 2%) and that the national average for gasoline was $3.83 per gallon, down from $4.29 a month earlier. Wright added that some local stations are already below $3 per gallon, describing Denver as an example.
Wright framed the outlook as supply-driven, with growing production and easing geopolitical pressure supporting lower pump prices. He did not provide a formal forecast range or timeline beyond the short-term expectation stated in the interview.
