On Thursday’s broadcast of the Fox News Channel’s “Special Report,” Energy Secretary Chris Wright discussed gas prices and said that “We’ve got to get the refining infrastructure around the world back up running. The pinch right now is more in the refining of oil and gas than it’s in crude oil delivery itself.” He also said that “The Ukrainian attacks on the Russian refining system, which are taking massive tolls on Russia, they are reducing the supply of” refined oil products.
Wright said, [relevant remarks begin around 4:10] “I have no clairvoyance, but, we sit here today, as you just showed, Bret, about $4 a gallon gasoline. In the first year of the Trump administration, we had more like $3 a gallon gasoline. So, it is elevated. But we had — four years ago, under the Biden administration, we had $5 a gallon gasoline. So, the goal of the Trump administration is to get this back down towards $3. And we absolutely will get there. The question is just the timing of that.”
He continued, “And I think we will continue to see increased flows of oil out of the Strait of Hormuz. We’ve got to get the refining infrastructure around the world back up running. The pinch right now is more in the refining of oil and gas than it’s in crude oil delivery itself. And so, there [are] a lot of factors in play there. The Ukrainian attacks on the Russian refining system, which are taking massive tolls on Russia, they are reducing the supply of refined products to the world, and that’s nudging up the price of refined products as well.”
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