U.S. Government to Announce Support Measures for Oil Refining Industry to Stabilize Gas Prices

The U.S. government is expected to announce support measures for the oil refining industry in the coming days to lower gasoline prices, which have exceeded $4.06 per gallon. U.S. Secretary of Energy Chris Wright visited Midland, Texas, to discuss with representatives from oil refining companies, mentioning the reduction of operations at Middle Eastern refineries and issues related to navigation through the Strait of Hormuz. According to the U.S. Energy Information Administration (EIA), the operating rate of refineries was at 96.2% earlier this month, nearing an all-time high, yet consumer prices have not decreased. The American Automobile Association (AAA) reported that the average price of gasoline has risen by 30% compared to a year ago. Secretary Wright emphasized that increasing refinery production is key to lowering prices and explained that discussions on government support are tailored to the operational conditions of refineries. He also mentioned the possibility of cargo traffic through the Strait of Hormuz recovering to pre-war levels, highlighting the strengthening of U.S. escort capabilities. The specific form and timing of the support measures have not been disclosed.

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