US Energy Secretary Wright Says Focus Is Boosting Supply, Not Curbing Fuel Exports
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US Energy Secretary Chris Wright said Sunday the administration is focused on boosting crude and fuel supplies rather than constraining US oil exports. His comments come as US retail diesel prices hit a record $5.90 a gallon, according to AAA. Wright stopped short of explicitly ruling out an export ban, while stressing supply-side solutions.
Key Facts
- US retail diesel prices hit a record $5.90 a gallon on Saturday, according to AAA.
- Energy Secretary Chris Wright said the administration is leaning in on maximum production and energy addition.
- Wright stopped short of explicitly ruling out an export ban, while stressing supply-side solutions.
- Interior Secretary Doug Burgum said in May an export ban is a bad idea economically, geopolitically and for affordability.
- Trump, Burgum and Wright pressed oil industry executives on boosting refining capacity in a White House meeting last week.
Supply-First Approach
Wright told CBS's Face the Nation that the administration is considering all options to move prices favorable for American consumers, but is currently leaning in on maximum production. He said the way to solve a supply shortage is to grow supply. Wright conceded the diesel dynamic is challenging, complicated by drone strike damage to Russian refineries and Moscow's decision to ban exports of the fuel.
Export Ban Debate
The surge in diesel prices has renewed speculation the Trump administration might look to curtail exports of US crude and refined products. President Donald Trump and top cabinet officials have repeatedly insisted a potential export ban is off the table. Industry leaders have warned the administration that cutting off American oil from world markets would backfire by ultimately suppressing investment in domestic production.
Refining Capacity Pressure
Trump, Burgum and Wright pressed oil industry executives on how they could boost refining capacity in a White House meeting last week. The meeting recognized that US fuel makers are already running at full tilt trying to satisfy demand. Some fuel refiners urged the administration to relax biofuel blending requirements they say are driving up pump prices.
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