The Trump administration is working to inject additional diesel into the market as fuel prices surge amid escalating global turmoil linked to the Iran conflict, Energy Secretary Chris Wright stated Monday.
Wright told CNBC’s Brian Sullivan that the administration has plans to bring extra diesel to the marketplace and expects such measures to take effect soon.
The average price of diesel fuel has risen by approximately 40% to $5.29 per gallon — the highest level since 2022 — as energy markets absorb major supply disruptions tied to recent U.S.-Israeli military actions in Iran.
Diesel is especially critical to the U.S. economy because it fuels trucks and freight trains that move goods across the country.
Wright emphasized that the administration is not considering export restrictions on diesel, arguing such measures 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 not for the world.”
To address the broader supply crunch, the U.S. is releasing between 1 million and 1.5 million barrels of oil daily from the Strategic Petroleum Reserve (SPR), according to Wright at S&P Global’s CERAWeek energy conference. He added that total emergency stockpile releases could approach 3 million barrels per day.
Wright noted that oil from the U.S. reserve began flowing Friday afternoon and that some allied nations are moving faster than others, with Japan acting quickly while other countries proceed at a slower pace.
Over 30 countries in the International Energy Agency (IEA) agreed on March 11 to inject 400 million barrels of oil into global markets, with the U.S. contributing 172 million barrels from its SPR.
Wright also signaled that additional U.S. releases beyond the current plan are unlikely.
The global market has been rattled by a sharp decline in tanker traffic through the Strait of Hormuz, one of the world’s most important oil transit routes. Before the conflict, about 20% of global oil supplies passed through this waterway. Iran has targeted commercial ships and energy infrastructure in Persian Gulf Arab states.
Oil prices have risen more than 30% since U.S. and Israeli strikes on Iran on February 28. Prices fell slightly Monday after President Donald Trump stated that talks with Iran were productive and he would hold off for five days before striking Iranian power plants.
