U.S. Average Gasoline Price Exceeds $4.06; Energy Secretary Discusses Boosting Fuel Output with Refiners

en.Wedoany.com Reported - U.S. Energy Secretary Chris Wright said on Monday that he will meet with several American oil refiners to discuss how to increase fuel production to lower gasoline prices.

Strong fuel prices have boosted refining margins. Speaking at an Exxon Mobil oil drilling site in Midland, Texas, Wright said U.S. refineries are operating at record-high utilization rates, but refineries in the Middle East have reduced output; increasing refining output in the United States and other regions is key to lowering gasoline prices. He said he would discuss with several American refiners later that day what the government can do to help them further increase processing volumes.

According to data from the American Automobile Association (AAA), the average price of regular gasoline in the United States exceeds $4.06 per gallon, up more than $1 from a year ago. High fuel prices pose a political risk for President Donald Trump, as the November midterm elections approach and his Republican colleagues will seek to maintain control of both chambers of Congress.

At a political rally in New York on Friday, Trump said paying "a little bit more for gasoline" is worth it to ensure a "very evil country" cannot obtain nuclear weapons, one of the war justifications he cited. Wright said Trump is asking Americans to "be a little patient with him" because the world cannot afford Iran possessing nuclear weapons.