Wright hedges gas price relief as pump prices hit record — SkimNews
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- Chris Wright cautiously predicted gasoline prices will head downward but offered no firm pledges, telling viewers on CBS, CNN, and ABC that 'trust the market, certainly don't trust my predictions' as pump prices hit record Labor Day weekend highs.
- U.S. regular gasoline averaged $4.15 per gallon Sunday per AAA data, with prices peaking at $4.5641 on May 21 before easing from a year-start low of $2.7951.
- Diesel prices are at all-time highs and 'ripple through the economy,' per the article, compounding the political stakes with midterms less than two months away.
- Wright promoted recent administration moves easing environmental requirements for summer gasoline blends, arguing on CNN that 'production is about to go up and demand is about to go down' after Labor Day.
- Crude oil hit its highest level in roughly six weeks, with the global benchmark above $96 per barrel at Friday's close, though more oil has been transiting the Strait of Hormuz recently.
- Gasoline futures contracts are pricing in declines, which Wright cited as market validation — but the article flags that futures months ahead are volatile and not a crystal ball for retail markets.
Why it matters: Wright's hedging lands with voters in a uniquely bad spot: pump prices at a record Labor Day high ($4.15/gallon average) and diesel at all-time highs, all less than two months before the midterms. Each of his fallback arguments carries an asterisk the article surfaces — futures are volatile, crude is already at a six-week high above $96/barrel amid fresh weekend conflict, and the Strait of Hormuz traffic uptick offers no guarantee of sustained relief.
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