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Wright on Fox Business: Record 22 Million Barrels a Day, Hormuz Flows and State Electricity Prices

November 3, 2026 · U.S. Department of Energy · 0:10:35

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What happened

Energy Secretary Chris Wright joined Fox Business on the morning of November 3, 2026, according to the Department of Energy’s recording of the interview. The host opened by citing record production of all petroleum products at 22 million barrels a day in August, alongside record domestic natural gas production. Wright said the United States produces more natural gas than the next three producing countries combined, that natural gas prices were about where they were 12 months earlier, and that gas had passed oil as America’s largest primary energy source, with generations of low-cost supply available to expand electricity generation and reshore manufacturing, as he described the trend.

Asked about overnight U.S. strikes on Iran’s Qeshm Island, Wright said the island is one of the places from which Iran launches cruise missiles and low-flying drones to try to disrupt traffic through the Strait of Hormuz, and that when Iran fires on U.S. ships the United States destroys the launch sites. He said the strikes had not affected flows, that exports of oil and refined products from the Arabian Gulf had kept growing, and that Iran had sold nothing since July, which he said was strangling its economy.

Wright also dismissed New Jersey Governor Mikie Sherrill’s warning to port operators against receiving Russian diesel shipments authorized by the Trump administration, calling it showmanship. He said the United States is a net diesel exporter, that Russia is currently unable to export diesel, and that any Russian diesel exports would only be possible if Russia scaled back its war effort, which he described as the creative incentive President Trump was offering. He said Exxon Mobil and Chevron were reporting record earnings and refining investment, that two large California refineries had closed under Governor Gavin Newsom in the past 12 months, and that the administration was working with producers to restart closed refineries and expand existing ones.

On the tenth anniversary of the Paris climate agreement taking effect, Wright said roughly $10 trillion of global green investment, as the host characterized it, had produced only about 1.2 percent solar and 1.4 percent wind shares of global energy while global carbon dioxide emissions reached a record of about 38.4 billion tons, figures the host cited from the International Energy Agency and the United Nations. Wright argued that European signatories had not cut emissions but had offshored them by making manufacturing uneconomic, and he warned that states run by Democrats have electricity prices 40 to 50 percent higher, with prices in Republican-run states rising less than inflation over the past two years of the Trump administration versus above inflation in Democratic-run states, as he presented the comparison.

Why it matters

The interview ties the administration’s production record to two live pressure points — the Hormuz conflict’s effect on fuel prices heading into winter and the widening red-state/blue-state electricity price gap — that will shape the energy debate after the midterms.

Scoreboard watch

Scoreboard watch: Wright said gasoline and diesel prices peaked in September 2026 and would keep falling noticeably in the months after November 3, 2026 — a dated, checkable price claim flagged for the scoreboard editors, with no verdict entered here.

Sources: U.S. Department of Energy, “Secretary Wright Joins Fox Business’ Big Money in the Morning – November 3, 2026”, 2026-11-03 (official upload, embedded above; published 2026-11-03). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.