US energy chief indicates that gas prices may remain above $3 per gallon until next year
U.S. Energy Secretary Chris Wright expressed on Sunday his belief that gas prices have reached their peak, although he anticipates they may remain above $3 per gallon until next year.
Gas prices have increased amid the U.S. and Israeli conflict with Iran and Iranian assaults on neighboring nations, presenting political challenges for President Donald Trump as the November midterm elections approach, during which his Republican Party seeks to maintain narrow majorities in both the Senate and House of Representatives.
Gas prices below $3 a gallon may occur later this year, though it is also possible that it won’t happen until next year. However, prices have probably reached their highest point, and they are expected to decline,” Wright stated during an appearance on CNN’s “State of the Union” program. With the resolution of this conflict, you can expect to see prices decrease.
Officials from the Trump administration have presented varying perspectives on the potential changes in gas prices. Treasury Secretary Scott Bessent predicted last week that gas prices would drop to the $3 per gallon range this summer, while Wright on Sunday provided a more detailed timeline for reaching that price.
Trump has indicated that gas prices could stay high until November.
All of them have forecasted that gas prices will ultimately decrease once the Iran war concludes. “A price of under $3 a gallon is quite remarkable when considering inflation,” Wright stated. “We will definitely return there.”
On Sunday, the estimated average price for a gallon of regular gas was $4.05, as reported by AAA, in contrast to $3.16 from the same time last year.
The conflict’s effect on oil supply has prompted airlines to caution about a possible shortage of jet fuel. On Sunday, U.S. Transportation Secretary Sean Duffy stated that jet fuel will become more abundant as the conflict in Iran diminishes.
“Indeed, a minor disruption, which we hope will last only a brief period, ultimately leads to lower travel costs for Americans due to reduced jet fuel prices,” Duffy stated.
On Thursday, the U.S. and Iran reached an agreement for a 10-day ceasefire. However, on Sunday, Trump accused Iran of breaching this ceasefire by launching attacks on ships in the Strait of Hormuz over the weekend. U.S. officials are set to arrive in Pakistan for additional negotiations on Monday, as noted in a social media post by Trump.
“We are presenting a fair and reasonable offer, and I sincerely hope they accept it. If they choose not to, the United States will take decisive action against every power plant and every bridge in Iran,” he stated, reiterating a previous threat made before the ceasefire.
