Gas Prices Will Drop—If Americans Drive Less, Energy Chief Says

US Energy Secretary Chris Wright says Americans could see relief at the pump soon—but only if they stop driving so much. Speaking on Sunday morning news shows, Wright said gas prices are likely to fall after the Labor Day holiday weekend, as the summer driving season comes to an end. “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.” The comments come as Americans face some of the highest gas prices in years, following the US attack on Iran in February. That conflict is ongoing, with the US and Iran trading strikes on each other’s oil tankers over the weekend. Wright also pointed to two Trump administration actions that could help lower prices. First, a deal to secure 65 billion barrels of oil reserves from Venezuela. President Donald Trump said in August that deal would “substantially” lower gas prices, though analysts warn it could take time because Venezuela’s oil infrastructure is underdeveloped. Second, Wright said the administration has 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 on CNN’s “State of the Union.” The cost of living, including gas, is a major issue for the Trump administration ahead of November’s midterm elections. Lowering prices for consumers was a central promise of Trump’s election campaign. Gas prices first spiked after the US surprise attack on Iran in February. Iran responded by effectively shutting down the Strait of Hormuz, a passage that carried a fifth of the world’s oil and liquefied natural gas before the war. That near-closure has pushed oil prices up globally. Brent crude oil closed at $95.52 a barrel on Friday, up from $72.48 the day before the war began. Jet fuel prices have also risen, making air travel more expensive. The American Automobile Association (AAA) 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% jump since before the war. “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.