Wright Says Gas Prices ‘Absolutely’ Going to Drop as Hormuz Oil Flows Rebound
The U.S. energy secretary says fuel prices are falling as Gulf crude shipments recover, even with attacks continuing near the Strait of Hormuz.
TL;DR
- Gasoline and diesel prices are heading lower.
- Crude oil flows out of the Strait of Hormuz are increasing.
- Middle East exports are above pre-war levels despite attacks.
- U.S. gasoline production is at a record high.
- Demand for gasoline is decreasing after the summer driving season.
- Similar trends are observed for diesel.