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Market Chatter: US Wants Higher Refinery Output to Cool Gasoline Prices

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The US Energy Secretary Chris Wright has said that the government will soon announce steps to help refiners increase output volumes with President Donald Trump determined to lower high gasoline prices linked to the conflict in the Middle East, Reuters reported on Monday.

Refiners are already said to be running their plants intensively as high fuel prices increase the margins they can earn, the article said.

Wright told reporters visiting an oil rig operated by Exxon Mobil (XOM) that while US refineries were operating intensively, there were US-controlled plants in the Middle East that he said were turned down.

He met refiners on Monday to see how the government could help raise gasoline output as a means to lowering prices, the article said. Prices average above $4.06 per gallon, the article said, citing the American Automobile Association, $1 higher than one year ago.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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