Energy Secretary Chris Wright announced Sunday that while he expects fuel costs have reached their highest point, motorists shouldn’t anticipate relief below $3 per gallon anytime soon.
Speaking during a television interview, Wright indicated the timeline for cheaper gas remains uncertain amid ongoing international tensions affecting global oil markets.
Current nationwide gasoline averages hit $4.05 per gallon this weekend, representing a significant jump from the $3.16 drivers paid twelve months ago, according to AAA data.
The elevated fuel costs stem from military conflicts involving the United States and Israel against Iran, along with Iranian strikes targeting regional allies. These developments present political challenges for President Trump’s administration as Republicans work to maintain their narrow congressional control heading into November’s midterm contests.
“Gas below $3 a gallon could happen later this year, that might not happen until next year. But prices have likely peaked, and they’ll start going down,” Wright explained during his CNN “State of the Union” appearance. “Certainly with the resolution of this conflict, you’ll see prices go down.”
Wright’s projection differs from other administration officials’ forecasts. Treasury Secretary Scott Bessent recently suggested prices would drop to around $3 per gallon during summer months, offering a more optimistic timeline than Wright’s assessment.
President Trump has separately indicated that elevated fuel costs may persist through November’s election period.
Despite varying timelines, all officials agree that gasoline will become more affordable once Middle Eastern hostilities conclude. Wright emphasized the historical value of sub-$3 pricing, stating: “Under $3 a gallon is pretty tremendous in inflation-adjusted terms. We’ll get back there for sure.”
Recent diplomatic efforts produced a temporary 10-day ceasefire agreement between the U.S. and Iran last Thursday. However, Trump accused Iranian forces of breaking that agreement through weekend attacks on vessels navigating the Strait of Hormuz.
American negotiators plan to continue discussions in Pakistan beginning Monday, as Trump outlined in social media posts. The president also renewed previous threats against Iranian infrastructure if diplomatic solutions fail.
“We’re offering a very fair and reasonable DEAL, and I hope they take it because, if they don’t, the United States is going to knock out every single Power Plant, and every single Bridge, in Iran,” Trump wrote online, echoing earlier warnings made before the ceasefire arrangement.
