Trump's energy boss wavers on gasoline price path

Energy Secretary Chris Wright on Sunday cautiously predicted gasoline price relief is on the way, but stopped short of firm or precise pledges.

Why it matters: Pump prices are at their highest Labor Day weekend levels on record, and the midterms loom less than two months away.

• His appearances on Sunday political shows also comes as diesel prices, which ripple through the economy, are at all-time highs.

"I think prices headed downward is — is not an unreasonable expectation," he said on CBS's "Face the Nation."

State of play: On that show and others, Wright noted that U.S. gasoline demand typically falls after Labor Day with the end of the traditional summer driving season.

• He also promoted recent administration moves to ease some environmental requirements for summer gasoline blends.
• "Gasoline production is about to go up and demand is about to go down. So, if I had to guess, they're more likely to go down than go up," Wright said on CNN's "State of the Union."

Catch up quick: U.S. regular gasoline prices averaged $4.15 per gallon Sunday, per AAA data.

The intrigue: Wright also pointed to declining prices for gasoline futures contracts in the months ahead.

• "The marketplace thinks gasoline prices are going to move meaningfully lower. So trust the market, certainly don't trust my predictions.," he said on ABC's "This Week," per a transcript.

Yes, but: Futures prices months ahead are volatile, and they're not a crystal ball for what will be happening in retail markets.

• Pump prices have climbed in recent weeks amid a flare-up in hostilities that has driven crude oil prices higher.
• Crude oil is already at its highest level in roughly six weeks, with the global benchmark above $96 per barrel at Friday's close, even though more oil appears to have been transiting the Strait of Hormuz recently.

What we're watching: Oil prices could see another jump when markets open for the week, following fresh conflicts this weekend.