We have studied electron transport properties of unsubstituted oligo(phenylene ethynylene) (OPE) (1) and nitro-substituted OPE (2) covalently bound to two gold electrodes. The conductance values of single 1 and 2 are similar to 13 and similar to 6 nS, respectively. In addition to a decrease in the conductance, the presence of the nitro moiety leads to asymmetric I-V characteristics and a negative differential resistance-like (NDR-like) behavior. We have altered the nitro-substituted OPE by electrochemically reducing the nitro group and by varying the pH of the electrolyte. The conductance decreases linearly with the electron-withdrawing capability (i.e., Hammett substituent values) of the corresponding reduced species. In contrast, the conductance of 1 is independent of the pH and the electrode potential.