Energy Secretary Wright predicts diesel prices below $6 after G7 fuel release

  • Energy Secretary Chris Wright said gasoline and diesel prices should keep declining.
  • G7 countries agreed to release 100 million barrels of fuel over four months.
  • Wright said the president is weighing diplomatic and military options involving Iran and Russian oil buyers.

Energy Secretary Chris Wright said gasoline and diesel prices should continue falling, with diesel dropping below $6 after the G7 (Group of Seven advanced economies) agreed to release 100 million barrels of fuel over four months. He cited rising flows through the Strait of Hormuz, record U.S. gasoline production, weaker post-summer demand and planned diesel releases, while acknowledging that conflict creates no guarantees. Wright said the administration is maintaining diplomatic and military pressure on Iran over its nuclear program and is considering measures involving Russian oil buyers, including potential tariffs on China and India by Oct. 18. He also said the president understood that confronting Iran could raise energy prices in the short term.

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