Wright Predicts Gas Prices Will Drop as Summer Driving Season Ends

US Energy Secretary Chris Wright believes that gas prices will decrease in the coming months due to a decline in demand. As summer comes to an end, Americans are expected to drive less, which should lower gas prices.

The current conflict between the US and Iran has caused gas prices to skyrocket since February when the US launched a surprise attack on Iran. The war has resulted in oil prices increasing worldwide, with Brent crude oil closing at $95.52 a barrel on Friday, up from $72.48 just 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. However, analysts have cautioned that this could take some time due to Venezuela's underdeveloped oil infrastructure.

According to the American Automobile Association, 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.