US gasoline prices top $4 a gallon; energy secretary vows support measures 'within days'

The US government plans to announce support measures for refiners within days to help stabilize gasoline prices that have surpassed $4 per gallon, Energy Secretary Chris Wright said Monday.

Wright made the remarks while speaking to reporters during a visit to the Permian Basin in Midland, Texas — the country's largest oil and gas producing region. "US refineries are operating at near-record utilization rates, but there are refineries in the Middle East that have cut their utilization," he said.

Data from the US Energy Information Administration show that domestic refinery utilization stood at 96.2% earlier this month, approaching an all-time high.

Wright also met with refinery industry representatives that day and said the discussions focused on "what the government can do to support refiners in boosting output." He said increasing production at refineries across the United States and other regions is the key to bringing gasoline prices down.

According to the American Automobile Association, the national average price of regular gasoline has exceeded $4.06 per gallon — nearly 30 percent higher than a year ago.

The surge in gasoline prices has become a significant political liability for President Donald Trump ahead of the November midterm elections.

Wright addressed Trump's appeal to Americans for "patience" at a political rally in New York on Friday, saying the message reflected the view that the world cannot afford to let Iran acquire nuclear weapons.

At the rally, Trump referenced the spike in gasoline prices caused by the war with Iran and told the crowd: "Remember, even if you're paying a little more at the pump, it's to keep a very evil country from having" nuclear weapons.

In a subsequent Fox News interview, Wright said 30 ships transited the Strait of Hormuz on Saturday and Sunday, adding that "Iran cannot export oil at this time."

Asked whether shipping traffic through the strait could return to its prewar level of 20 million barrels per day, Wright said: "The future is unknown, but we will continue to improve our convoy capabilities, and Iran's influence will continue to diminish."

When asked whether Trump could afford to wait as economic sanctions and the embargo on Iranian oil through the Strait of Hormuz tighten, Wright said, "I think he can," adding that "the president is playing a long-term strategy."