Gas Prices Expected to Decline After Labor Day

The US energy secretary, Chris Wright, predicts that gas prices will decline in the coming weeks due to decreased demand after summer. According to Wright, the Labor Day weekend marks the end of the summer driving season, and Americans are expected to drive less as a result. This, combined with the Trump administration's deal to secure 65 billion barrels of oil reserves from Venezuela and eased rules for US refiners, will contribute to lower gas prices.

The current national average for regular gas is $4.14 per gallon, a 38% increase since before the war with Iran began in February. The conflict has caused oil prices to spike worldwide, with Brent crude oil closing at $95.52 a barrel on Friday. Jet fuel prices have also risen, making air travel more expensive.

The American Automobile Association notes that Labor Day weekend travelers are seeing the highest gas prices ever for this time of year, with some areas experiencing prices above $5 per gallon.