U.S. Energy Secretary Chris Wright said Sunday that gas prices probably won’t fall below $3 a gallon until next year, as the ongoing conflict between the U.S. and Iran continues to disrupt global energy markets.
Speaking on CNN, Wright explained that while prices may have already hit their peak, a significant drop will depend on how soon the conflict is resolved. If tensions ease and the situation stabilizes, energy prices are expected to come down.
He noted that gas under $3 per gallon would be quite low when adjusted for inflation, adding that while the U.S. saw those levels during the Trump administration, it had been rare for many years. Still, he expressed confidence that prices will eventually return to that range.
Gas prices have risen sharply since the war began. A key reason is the disruption in the Strait of Hormuz, a major global shipping route that handles about 20% of the world’s oil supply. Iran has largely restricted movement through the strait since the conflict started, creating supply concerns.
Before the war, average gas prices in the U.S. were around $2.90 per gallon in early February. Since then, prices have climbed to roughly $4.04 per gallon.
There were brief signs of relief last week when both countries suggested the strait might reopen, causing oil prices to dip. However, those hopes were shaken after Iran reportedly attacked two oil tankers over the weekend, raising doubts about a lasting ceasefire and a full return to normal shipping. Negotiations between U.S. and Iranian officials are expected to continue, with another round of talks scheduled in Pakistan.