Americans have been paying some of the highest prices for gas in years since the US attacked Iran in February.
That war shows no signs of cooling off anytime soon. The US and Iran traded multiple strikes on each other’s oil tankers over the weekend.
US Department of Energy Secretary Chris Wright, however, said, while making the rounds on the Sunday morning news shows, that despite the ongoing conflict, gas prices will soon go down because summer is ending.
“As we pass Labor Day tomorrow, you’ll start to see demand decline as we move out of summer driving season,” Wright said on ABC’s “This Week.”
Wright also said the Trump administration’s deal to secure 65 billion barrels of oil reserves from Venezuela will help. On Truth Social, President Donald Trump said in August the deal would “substantially” lower gas prices, though analysts said that could take a while given Venezuela’s underdeveloped oil infrastructure.
On CNN’s “State of the Union,” Wright said the Trump administration also eased rules for US refiners, allowing them to produce more gasoline.
“If I had to guess, they’re more likely to go down than go up,” Wright said of gas prices.
The cost of living, including the cost of gas, has become a critical issue for the Trump administration ahead of the midterm elections. Bringing down prices for American consumers was a central promise during the president’s election campaign.
Gas prices first spiked after the US launched a surprise attack on Iran in February, and Iran responded by effectively shutting down the Strait of Hormuz. The near-closure of the strait, through which a fifth of the globe’s oil and liquefied natural gas passed before the war, has caused oil prices to spike worldwide. Brent crude oil, for example, closed at $95.52 a barrel on Friday. One day before the war began, Brent oil closed at $72.48.
Jet fuel prices also rose, making air travel more expensive.
The American Automobile Association said Labor Day weekend travelers are seeing the highest gas prices ever for this time of year. The national average for regular gas was $4.14 on Sunday, a 4-cent increase from late August and a 38% increase since before the war began.
“The national average has never been above $4 per gallon on Labor Day. The current Labor Day record is $3.82, set on September 3, 2012,” AAA said.
