finance
US Energy Secretary Sees Aggressive Timeline for Oil Prices to Decline by Summer
US Energy Secretary Chris Wright stated that a decline in oil and gas prices by this summer represents an aggressive timeframe. His comments followed President Donald Trump's remark that gas prices could rise before midterm elections. Separately, Chinese industrial profits rose 15.2% in January-February 2026 amid global energy developments.
Apr 13, 6:39 PM·1m read5 sources
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US Energy Secretary Wright stated that by this summer is an aggressive timeframe now for oil and gas prices to start coming down.
The remarks were made at the Semafor World Economy event. The secretary’s comments came just one day after the president said gas prices could go a “little bit higher” before the midterm elections. The US energy secretary also addressed Venezuela's oil production during the event.
He stated that Venezuela has sold 150 million barrels of oil since January. The country is currently producing more than 1.2 million barrels a day.
rally, oil prices are below a week ago.
European natural gas prices are also below a week ago despite the rally. An oil tanker unloaded crude oil at a terminal at the port in Qingdao, in China's eastern Shandong province on March 11, 2026. Tehran has closed the Strait of Hormuz to most commercial vessels.
China raised the ceiling prices for retail gasoline and diesel earlier this week.
industrial profits jumped 15.2% from a year earlier in the January-February period, according to the National Bureau of Statistics.
