Energy secretary predicts gas prices will fall despite record Labor Day costs

Energy Secretary Chris Wright said U.S. gasoline prices are more likely to decline than rise in the coming weeks as the summer driving season ends and seasonal demand weakens. He also cited regulatory changes allowing refineries to produce more gasoline, lower futures prices and the Trump administration’s focus on expanding domestic energy supplies. Despite that outlook, gasoline prices are expected to reach about $4.03 per gallon over the Labor Day weekend, surpassing the previous record for the holiday period, while inventories have declined. The elevated costs reflect ongoing conflict involving Iran and disruptions affecting global oil supplies, adding pressure to household budgets and the Trump administration’s cost-of-living agenda. Wright also pointed to a proposed arrangement involving Venezuelan oil reserves, though analysts said limited infrastructure could delay its impact on prices.