US Energy Secretary Expects Gasoline Prices to Fall

U.S. Energy Secretary Chris Wright predicted that gasoline prices would decline in the coming weeks, while noting that lowering diesel prices remains a significant challenge. Wright explained that China has reduced its oil refining capacity, revealing that an additional 3 to 5 million barrels per day are currently flowing through alternative pipelines. Regarding the Venezuelan file, the U.S. Energy Secretary anticipated that companies would announce more investment deals in Venezuela, expecting Venezuela’s oil production to double by the end of next year.