U.S. energy secretary addresses rising gas prices and tri‑state energy challenges in exclusive interview
In an exclusive sit‑down extended interview with News 12's senior reporter Tara Rosenblum, U.S. Energy Secretary Chris Wright laid out what he says is driving the surge and when relief may finally arrive.
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Gas prices across the tri-state continue to climb - and with summer travel approaching, residents are bracing for more pain at the pump.
In an exclusive sit‑down extended interview with News 12's senior reporter Tara Rosenblum, U.S. Energy Secretary Chris Wright laid out what he says is driving the surge and when relief may finally arrive.
According to AAA, the national average price of gas as of April 14 was $4.118.
Here's the current breakdown for the tri-state, according to AAA:
NY: $4.128, with the highest recorded average price of $5.041 in June 2022.
NJ: $4.017, with the highest recorded average price of $5.059 in June 2022.
CT: 4.083, with the highest recorded average price of $4.984 in June 2022.
"We had $5 average gasoline prices in the United States in the Biden administration...President Trump got elected, as you know, in both of his terms in office to drive down energy prices, and he's been very successful at that. We had gasoline prices national average $2.85 just a few weeks ago," said Wright.
Still, he acknowledged disappointment over the current $4‑a‑gallon reality and addressed plans to alleviate the price at the pump.
Wright pointed to steps he says that are aimed at easing pressure on consumers.
"We've done a coordinated reserve of 400 million barrels from the U.S. Strategic Petroleum Reserve and around the world," he says. "We've changed refining regulations on gasoline so we can produce additional gasoline this summer. That's going to help tamp down prices a bit."
So when will relief come to the tri-state area?
Wright said the timeline depends on global events.
“I think by this time next year…we should see meaningfully lower prices by then,” he said. “We hope much sooner than that. But of course the timing of that is dictated by the timing of the end of the conflict.”
He also addressed his thoughts on implementing temporary sunsets on gas taxes.
Wright said that while all ideas are discussed to lower prices, a gas tax suspension has a problem.
"If you lower gasoline taxes, you end up having people hoarding. They buy lots of gasoline quickly because they think it might go away. So, sometimes that can compound the problem," he says.
Wright spoke to Rosenblum at an active natural gas processing facility in Brooklyn, where officials just broke ground on the Northeast Supply Enhancement (NESE) project. The facility is designed to bring more natural gas into the tri-state and serve millions of homes.
Wright said natural gas prices remain stable.
“Natural gas prices today are lower than they were two months ago and six months ago before the conflict in Iran,” he said. “Our domestically produced natural gas is isolated completely from disruptions in the Middle East.”
He added that expanding supply into New York and New England could help reduce what he described as “inordinately high electricity prices” in the region.
