The U.S. will increase diesel fuel supplies to stabilize the market — CNBC
The administration of U.S. President Donald Trump is preparing emergency measures to stabilize the energy market amid a sharp rise in fuel prices.
CNBC reports this.
Energy Secretary Chris Wright has officially confirmed plans to release additional volumes of diesel fuel onto the market in the near future.
“We have several options regarding diesel fuel; we can increase its supply to the market. I think this will happen soon,” Wright said in a comment to CNBC.
These steps are driven by the critical situation in Iran, where hostilities have caused the largest disruption in oil supplies in recorded history.
Currently, diesel prices in the United States have surged by 40%, reaching $5.29 per gallon. This is the highest price since 2022, which directly impacts supply chains.
Since diesel fuel is the primary energy source for trucks and trains, rising fuel costs automatically increase the cost of delivering essential goods.
Despite domestic pressure, the administration led by the U.S. president is rejecting the idea of restricting energy exports.
Chris Wright emphasized that maintaining free trade is strategically important for economic stability both domestically and globally.
The minister explained the logic behind this decision: “We cannot interrupt the free flow of energy trade. We refine more oil than we can consume. If we restricted exports, we would have to scale back operations at our own refineries and produce less oil and refined products. That would be counterproductive for the U.S. and certainly not beneficial for the world.”
To compensate for the shortage caused by the war in Iran, the government plans to draw on the Strategic Petroleum Reserve. It is expected that daily oil releases to the market will range from 1 to 1.5 million barrels.
According to the relevant minister, if the situation worsens, the volume of released reserves could be increased to 3 million barrels per day.
As a reminder, fuel prices are rising in Ukraine amid the war in the Middle East.
Additionally, a massive explosion occurred at the Valero oil refinery in Texas.
