WASHINGTON, October 4 — The Trump administration says gasoline and diesel prices will fall by Election Day despite ongoing conflict with Iran. Energy Secretary Chris Wright told CBS News’ “Face the Nation” that rising supplies from the Strait of Hormuz and record U.S. gasoline production are driving prices lower. He noted demand for gasoline is decreasing as the summer driving season ends.
Wright said diesel prices have also been declining, influenced by the Russia-Ukraine war and China’s decision not to export diesel or gasoline into the global market. He blamed recent refinery closures in California on Governor Gavin Newsom and fifteen years of Democratic energy policies that he said reduced domestic refining capacity.
When asked about guarantees against an October surprise from Iran that could spike prices, Wright said there are no guarantees in conflict or in life. He emphasized the administration’s focus on growing fuel supplies and reversing policies that he said have shrunk U.S. energy production and resilience. Wright declined to say whether President Trump has decided to escalate military action after the election, noting a third carrier strike group is due to arrive in the region in mid-November.
He said the president is always planning for contingencies and negotiating, adding that how the administration communicates sends a message to adversaries. The secretary linked preventing Iran from obtaining nuclear weapons to long-term energy price stability, calling a nuclear-armed Iran a massive long-term threat to global energy markets.
He said the administration is pursuing every avenue — economic and military — to achieve that goal. Margaret Brennan noted a recent gathering of national security advisers at Camp David to discuss Iran and the conflict in Yemen, and the deployment of additional defensive equipment to Gulf countries to protect oil infrastructure. Wright did not detail outcomes from the Camp David meeting.
Early voting is underway in the 2026 midterm elections, with control of the House and Senate at stake. The administration’s efforts to lower fuel costs come as voters express concern over prices, according to a CBS poll cited earlier in the broadcast showing most Americans tie their economic views to grocery and gas prices, and many blame Trump’s policies for rising food and grocery costs.
