Gas Prices Expected to Decline After Labor Day

The US Department of Energy Secretary Chris Wright says gas prices will decline after Labor Day. This is due to lower demand as Americans move out of summer driving season, according to Wright.

Gas prices have been high since the US attacked Iran in February, causing a spike in oil prices worldwide. The national average for regular gas was $4.14 on Sunday, a 38% increase since before the war began.

The Trump administration's deal to secure 65 billion barrels of oil reserves from Venezuela is also expected to help lower gas prices. Wright said that if he had to guess, gas prices are more likely to go down than up.