US Energy Secretary Promises Low Oil Prices

He said in the next four years, the prices will be lower than they were under Biden.

US Energy Secretary Chris Wright has said that energy prices will be lower under this US administration than under the previous one. Bloomberg reports the words of the official at a briefing in the Saudi capital Riyadh.

‘Under President Trump's leadership, we will almost certainly see lower average energy prices in the next four years than we saw in the last four years of the previous administration,’ Wright stated.

At the same time, he refused to cite specific price targets.

Under Joe Biden, the states have often clashed with Saudi Arabia over energy policy after feeling their requests to increase oil production and lower prices to fight inflation were ignored. Between 2017 and 2021, oil averaged about $83 a barrel, according to data compiled by Bloomberg.

‘I can't comment on where the oil prices are today and where they are moving, but if you lower the barriers to investment, lower the barriers to building infrastructure, you can lower the cost of energy supply,’ the minister said.

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