Energy Secretary Cautiously Predicts Lower Gasoline Prices After Labor Day

According to Axios, Energy Secretary Chris Wright said Sunday that lower gasoline prices would not be an unreasonable expectation, but he stopped short of making a firm or precise forecast. Wright said on CBS's "Face the Nation" and CNN's "State of the Union" that U.S. gasoline demand typically falls after Labor Day as the summer driving season ends, while gasoline production is set to rise. He also cited recent administration moves to ease some environmental requirements for summer gasoline blends and pointed to lower gasoline futures prices in coming months. U.S. regular gasoline averaged $4.15 per gallon on Sunday, according to AAA data, while diesel prices were at all-time highs and crude oil was trading at its highest level in roughly six weeks, with the global benchmark above $96 per barrel at Friday's close.