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Chris Wright believes that gas prices have reached their peak in the United States, although he expects they may stay above $3 a gallon until next year. Recently, gasoline prices have climbed amid the ongoing conflict between the U.S. and Israel’s war on Iran, as well as Iranian attacks on U.S. military bases in the Gulf region, posing political challenges for President Donald Trump as the midterm elections approach.
Wright told CNN’s “State of the Union” that while prices below $3 a gallon could happen later this year or possibly next year, he’s confident they’ve already peaked and will begin to decline. He added, “Certainly, with the resolution of this conflict, you’ll see prices go down.”
Different officials from the Trump administration have offered varying estimates on when gas prices might improve. Treasury Secretary Scott Bessent predicted last week that prices could drop to around $3 per gallon during the summer, but Wright outlined a longer timeline for reaching that level, implying it may take more time.
Trump has publicly suggested that gas prices could remain high until November. Nevertheless, all parties agree that once the Iran-related conflict ends, gasoline prices should become more affordable. Wright mentioned that getting below $3 a gallon would be a significant achievement, especially considering inflation, and affirmed, “We’ll get back there for sure.”
As of Sunday, the national average for regular gasoline was $4.05 per gallon, according to AAA, compared to $3.16 a year ago. Despite an agreement on April 8 for a 10-day ceasefire between the U.S. and Iran, Trump accused Iran of violating the truce with attacks on ships in the Strait of Hormuz over the weekend. Meanwhile, U.S. officials are scheduled to arrive in Pakistan on Monday for further negotiations, as Trump indicated on social media, stating that if Iran rejects a “very fair and reasonable deal,” the U.S. might escalate military action by targeting Iran’s power plants and bridges.
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