The Trump administration is working to get more diesel into the market as fuel prices surge amid global turmoil tied to the Iran war, Energy Secretary Chris Wright said Monday.
"We do have some ideas on diesel, that we can bring extra diesel to the marketplace," Wright told CNBC's Brian Sullivan. "I think we'll see that happen before too long."
The average price of diesel fuel has jumped about 40% to $5.29 per gallon, the highest since 2022. The spike comes as energy markets absorb major supply disruptions linked to the U.S.-Israeli war in Iran.
Diesel is especially important to the U.S. economy because it fuels trucks and freight trains that move goods across the country.
Wright said the administration is not considering limits on diesel exports, arguing that restricting trade would backfire.
"You don't want to interrupt the free flow of energy trades," Wright said. "We refine more oil than we can consume.
"If we blocked exports, we'd have to turn down our own refineries and produce less oil and less refined products. That wouldn't be productive for the United States, certainly wouldn't be productive for the world."
To address the broader supply crunch, the U.S. is releasing between 1 million and 1.5 million barrels per day from the Strategic Petroleum Reserve, Wright said at S&P Global's CERAWeek energy conference.
He added that total emergency stockpile releases could approach 3 million barrels per day.
"It's going to be between a million and a million and a half barrels a day out of U.S. stocks," Wright said. "And we'll get possibly close to 3 million barrels total."
Wright said oil from the U.S. reserve began flowing Friday afternoon and noted that some allied nations are moving faster than others.
"Japan has also moved quickly, some nations a little bit more slowly," the energy secretary said.
More than 30 countries in the International Energy Agency agreed March 11 to inject 400 million barrels of oil into the global market.
The U.S. share of that effort is 172 million barrels from the Strategic Petroleum Reserve.
At the same time, Wright signaled that another U.S. release beyond the current plan is unlikely.
The global market has also been rattled by falling tanker traffic through the Strait of Hormuz, one of the world's most important oil transit routes.
Before the war, about 20% of global oil supplies passed through the waterway.
Iran has also targeted commercial ships and energy infrastructure in Persian Gulf Arab states.
Oil prices have risen more than 30% since the U.S. and Israel struck Iran on Feb. 28.
Prices fell Monday after President Donald Trump said talks with Iran were productive and that he would hold off for five days on striking Iranian power plants.
Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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