Americans have paid some of the costs highest prices for gas in years since the US attacked Iran in February.
That war shows no signs of cooling down in the short term. The US and Iran carried out multiple attacks on each other’s oil tankers this weekend.
However, US Energy Secretary Chris Wright said on Sunday morning news shows that despite the ongoing conflict, gas prices will soon drop as summer comes to an end.
“As we pass Labor Day tomorrow, you’re going to see demand decrease as we exit the summer driving season,” Wright said on ABC’s “This Week.”
Wright also said the Trump administration’s deal must be secured 65 billion barrels of oil reserves from Venezuela will help. About Truth Social, President Donald Trump said in August that this would be the case “substantially” lower gas pricesalthough analysts said this could take a while given Venezuela’s underdeveloped oil infrastructure.
On CNN’s “State of the Union,” Wright said the Trump administration has also relaxed rules for U.S. refineries, allowing them to produce more gasoline.
“If I had to guess, they’re more likely to go down than 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. Lowering prices for American consumers was a central promise during the president’s election campaign.
Gas prices spiked for the first time after the US launched a surprise attack on Iran in February, and Iran responded by effectively shutting down the attack Strait of Hormuz. The near closure of the strait, through which a fifth of the world’s oil and liquid natural gas flowed before the war, has caused global oil prices to soar. Brent crude oilFor example, the price closed at $95.52 per barrel on Friday. One day before the war started, Brent crude 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 gasoline prices ever this time of year. The national average for regular gas was $4.14 on Sunday, up 4 cents from the end of August and up 38% 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.
