US Energy Secretary Says He ‘Doesn't Want to Have an Opinion' on Gas Prices, Then Predicts They Will Fall

US Energy Secretary Chris Wright struggled to give a clear answer on whether Americans should expect gasoline prices to rise or fall, before cautiously predicting some relief at the pump after initially saying he did not "want to have an opinion." Wright was pressed by CNN's Dana Bash on State of the Union as Americans headed into the Labor Day weekend with gasoline prices at one of their highest levels ever for the holiday. Asked whether prices could climb even higher, Wright initially declined to make a direct forecast. "I don't want to have an opinion on that," he said, before referring to gasoline futures. "What can you buy gasoline for two months in advance from where we are today? It's down more than 30 cents a gallon from where it is today." Bash challenged him on whether the energy secretary should have a view on the direction of prices. Wright then moderated his response, saying that if he had to guess, prices were "more likely to go down than go up." Bash also reminded Wright that he had told CNN five months earlier that gasoline prices had probably peaked. Since then, the national average has risen above $4 a gallon. Labor Day Prices Reach Record High The exchange came as gasoline prices emerged as a political problem for the Trump administration ahead of the midterm elections. AAA said the national average stood at about $4.14 a gallon going into the Labor Day weekend, the highest level on record for the holiday and above the previous record of $3.82 in 2012. The price was also nearly $1 higher than a year earlier, according to AP. The increase further complicates Trump's campaign pledge to reduce energy and living costs. Iran War Keeps Pressure on Oil Markets Wright argued that the end of the summer driving season should reduce demand and help prices ease. But a major problem remains the war with Iran and disruption around the Strait of Hormuz, one of the world's most important energy chokepoints. The US Energy Information Administration says oil flows through the Strait of Hormuz averaged about 20 million barrels per day in 2024, equivalent to roughly 20% of global petroleum liquids consumption. Reuters reported Sunday that traffic by commodity vessels through the strait had averaged about 10 ships a day over the previous 10 days, the lowest level since May, as renewed US-Iran attacks caused further disruption to shipping. Brent crude settled at $95.52 a barrel on Friday, substantially above prewar levels. Navy Escorts Still Required Bash also asked Wright whether merchant ships crossing the strait were safe. He did not say that traffic had returned to normal. Instead, he said vessels coordinating with the US Navy should be able to make the crossing. "We're working cooperatively with fleets that do want to transit," Wright said, while acknowledging that traffic had not returned to "pre-conflict levels." His answer highlighted the administration's dilemma. Officials want to reassure Americans that fuel costs will fall, but one of the biggest drivers of higher oil prices — disruption around the Strait of Hormuz — remains unresolved. Administration Points to Increased Supply Wright also cited the administration's changes to fuel-blending requirements, which he said would allow US refiners to produce more gasoline and diesel using existing equipment. He has also pointed to Trump's oil agreement with Venezuela as a potential future source of additional supply, although analysts have warned that infrastructure and investment constraints could delay any meaningful increase in production. Despite those measures, Wright stopped short of promising when drivers would see significant relief. Instead, he pointed to declining seasonal demand, increased refinery output and futures markets, which he said suggest that gasoline prices could fall in the coming months. Originally published on IBTimes UK