Trump's energy boss wavers on gasoline price path
Summary
Energy Secretary Chris Wright said gasoline prices are likely to go down after Labor Day because fewer people drive in the fall and more gasoline will be produced. However, he did not give a firm promise about prices dropping, as fuel costs remain high due to recent global conflicts and oil prices.Key Facts
- Gasoline prices for Labor Day weekend are the highest ever recorded.
- Diesel prices, which affect many goods and services, are at record highs.
- Gasoline demand usually falls after Labor Day because summer driving ends.
- The government has eased some environmental rules to increase gasoline production.
- Gasoline production is expected to increase soon while demand decreases.
- Futures prices for gasoline suggest prices may fall, but these prices can change quickly.
- Crude oil prices are near $96 per barrel, the highest in about six weeks, partly due to recent conflicts.
- Oil prices might rise again soon because of new tensions over the weekend.
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