U.S. Secretary of Energy Chris Wright stated on Sunday, Sept. 6, 2026, that gasoline prices are expected to decline as the summer driving season concludes. During appearances on several Sunday news programs, Wright noted that the end of the Labor Day holiday typically results in a drop in consumer demand for fuel.
The projection comes amid elevated fuel costs following a U.S. attack on Iran in February 2026, which led to the near-closure of the Strait of Hormuz. The conflict continued through the weekend of Sept. 5-6, with the U.S. and Iran reportedly exchanging strikes on oil tankers. Crude oil prices have risen since the start of the conflict, with Brent crude closing at $95.52 per barrel on Friday, Sept. 4, compared to $72.48 the day before the war began.
Secretary Wright cited several factors he believes will contribute to lower prices, including a deal to secure 65 billion barrels of oil reserves from Venezuela. While President Donald Trump stated in August that the agreement would "substantially" lower costs, market analysts cautioned that Venezuela's underdeveloped infrastructure could delay the impact. Additionally, Wright mentioned that the administration has eased regulations for U.S. refiners to increase gasoline production.
The scale of this increase extends beyond the pump, as rising jet fuel prices have increased the cost of air travel. The broader impact is reflected in the global energy market, where the partial closure of the Strait of Hormuz has disrupted a route that previously carried 20% of the world's oil and liquefied natural gas. The U.S. Department of Energy (DOE) is attempting to mitigate these costs through a combination of increased domestic refining and the acquisition of Venezuelan reserves, though the timeline for relief remains uncertain.
The cost of gasoline and general living expenses are central issues for the current administration as the 2026 midterm elections approach. While Secretary Wright suggested prices are more likely to decline than rise following the Sept. 7 Labor Day holiday, the ongoing military tension in the Middle East continues to influence market stability. What happens next depends on the pace of demand reduction in September and the speed at which refiners and new oil reserves can be integrated into the supply chain.