Energy Secretary Indicates Gas Prices May Remain Above $3 per Gallon Until 2027
Energy Secretary Chris Wright suggests that U.S. gasoline prices, currently averaging $4.05 per gallon, may not drop below $3 until 2027, citing ongoing geopolitical tensions and market disruptions.
U.S. Energy Secretary Chris Wright indicated on Sunday that while gasoline prices have likely peaked, they may remain above $3 per gallon until next year. Speaking on CNN's "State of the Union," Wright stated, "I don't know. That could happen later this year. That might not happen until next year. But prices have likely peaked."
This marks a shift from Wright's earlier projections. In early March, he suggested that gas prices would fall below $3 per gallon within weeks following U.S. and Israeli airstrikes against Iran. However, the conflict has led to disruptions in the Strait of Hormuz, a critical passage for global oil shipments, contributing to elevated fuel costs.
The national average for a gallon of regular gasoline was $2.98 before the conflict began. As of Sunday, it stood at $4.05, according to the AAA motor club.
The sustained high fuel prices pose political challenges for President Trump, who had promised more affordable gas during his 2024 campaign. Republicans are concerned about the potential impact on the upcoming November midterm elections, as rising energy costs affect consumers nationwide.
