US Government Aims to Boost Fuel Output Amid Rising Gas Prices

US Energy Secretary Chris Wright announced that the government will soon take steps to help refiners boost fuel output, as President Donald Trump seeks to address high gasoline prices. The average US price for regular gasoline has reached $4.06 a gallon, up over 30% from last year. Wright met with refiners in Midland, Texas, to discuss ways the government can support them.

Wright pointed out that US refineries are running at record-high rates due to high fuel prices, but noted that some refineries in the Middle East have reduced production. He emphasized the importance of increasing refinery output globally to lower gasoline prices.

The crisis with Iran has driven up oil prices, and Wright stated that President Trump is taking a 'long game' approach to dealing with the situation. The Strait of Hormuz, a key shipping route, currently sees around 30 ships transiting daily, down from pre-war levels of 20 million barrels per day.