Gas prices may not drop under $3 until next year: Wright
U.S. Secretary of Energy Chris Wright appears during a House Appropriations Subcommittee hearing on the Trump administration’s 2027 budget request for the Department of Energy on Capitol Hill in Washington, DC, U.S., April 15, 2026.
Nathan Howard | Reuters
Gas prices may not fall below $3 until next year as the U.S. war with Iran and the closure of the Strait of Hormuz continue to hurt energy markets, Energy Secretary Chris Wright said Sunday.
“I don’t know, it might happen later this year, it might not happen until next year, but prices have probably peaked,” Wright said on CNN’s “State of the Union” when asked when prices at the pump would return to pre-war numbers. “With the resolution of this conflict, energy prices will definitely fall.”
Wright added: “Below $3 a gallon in inflation-adjusted terms is pretty tremendous. We had that under Trump, but we haven’t seen that in inflation-adjusted terms in a long time. We’ll definitely get back there.”
Gas prices have increased since the US started the war with Iran. Tehran has largely locked down the Strait of Hormuz, a critical shipping channel that carries about a fifth of the world’s oil, since the start of the war.
On February 1, regular unleaded oil in the United States averaged $2.90 a gallon. gasbuddy. Gasoline prices per gallon have skyrocketed since the war began on February 28 and now average around $4.04 per gallon. to AAA.
US envoys will meet again with their Iranian counterparts in Islamabad, Pakistan, on Monday for talks on ending the war. Oil Prices fell late last week, following both the U.S. Iranian He said that the Bosphorus was opened to trade.
However, Iran opened fire on two tankers passing through the Strait of Hormuz over the weekend, strengthening hopes that the ceasefire between the USA and Iran will continue and the strait will be fully reopened to trade.
