# US energy secretary says gasoline and diesel peaked in September as supply expands

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/investing/48051
Published: 2026-11-03T22:40:32.000Z
Updated: 2026-11-03T22:40:32.000Z
Section: Investing

> Chris Wright said gasoline and diesel prices peaked in September as fuel supplies expanded. He also defended natural gas growth and criticized state policies he said raised energy costs.

Gasoline and diesel prices peaked in September, and expanding energy production and refining capacity should bring further declines in the coming months, US Energy Secretary Chris Wright said.

In a Fox Business interview on November 3, Wright said the Trump administration was pursuing higher energy output, with additional refined products from the United States, India and the Arabian Gulf expected to ease fuel costs.

Wright said officials were working with producers to restart idle refineries and expand existing facilities. “The best cure for high prices is high prices,” he said, arguing that higher prices were encouraging investment and increasing supply. He said gasoline and diesel prices were already falling and expected further substantial declines over the coming months.

He also described natural gas as a foundation for expanding electricity supply and manufacturing. US natural gas production exceeded the combined output of the next three largest producing countries, while prices were unchanged from 12 months earlier, Wright said. He added that natural gas had overtaken oil as the country's largest primary energy source, arguing that abundant low-cost supplies could support manufacturing returning to the United States, job creation and higher wages.

Asked whether US strikes on an Iranian island had disrupted oil shipments through the Strait of Hormuz, Wright said traffic had not been affected. He said Iran used the island to launch low-flying cruise missiles and drones against shipping, prompting US strikes on launch sites. Oil and refined-product production and exports from the Arabian Gulf continued to grow, he said, while asserting that Iran had shipped nothing since July.

Wright defended efforts to allow Russian diesel exports as a way to increase global supply and encourage Russia to scale back its war effort. The United States was a net diesel exporter, he said, and additional Russian supplies reaching world markets would help lower prices. However, he argued that Russia currently lacked the capacity to export diesel and would have to reduce resources devoted to the war to increase shipments.

Turning to climate and energy policy, Wright accused European countries of raising energy costs and making manufacturing more difficult. He argued that their policies had shifted emissions outside Europe while damaging economic growth and employment opportunities for younger people. Energy production, he said, should support jobs and national security.

Wright identified state policies as a potential constraint on the federal administration's energy agenda. He claimed that states governed by Democrats over the past decade had electricity prices 40–50% higher. Over the past two years of the Trump administration, he said, electricity prices in Republican-controlled states had risen more slowly than inflation, while those in Democratic-controlled states had outpaced it. “High energy prices are a political choice,” he said, reiterating his support for expanding production to improve affordability and employment.