Energy Secretary Chris Wright met with executives from refining companies on Monday to explore ways the Trump administration could help them boost throughput volumes to help keep America’s gasoline and diesel market fully supplied. The meeting took place in Midland, Texas during an industry conference Wright was attending.
Wright and the White House believe an increase in refined volumes could hold the key to lowering prices for gas and diesel at the pump. The administration’s concerns are not surprising given the fact that gasoline prices have stubbornly remained above $4.00/ gallon nationwide amid the ongoing Iran Conflict, a dollar higher than a year ago. Though still a dollar below the highs reached during the Biden autopen years, the current price paradigm could have a significant impact on November’s mid-term elections.
Wright told reporters that the Department of Energy (DOE) would announce steps later this week it can take to help spur higher throughput even though his own Energy Information Administration reported last week that U.S. refineries have been sustaining unusually high activity levels for months now. Some companies have expressed concerns in recent weeks that the current 96.2% capacity level cannot be sustained for much longer as some refineries are already well past their regular periodic maintenance downtime schedules.
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