Gas prices may not drop below $3 a gallon until next year: Energy Secretary Wright [View all]

Source: cnbc.com




Gas prices may not drop below $3 a gallon until next year: Energy Secretary Wright
Published Sun, Apr 19 202610:00 AM EDT

Key Points

Energy Secretary Chris Wright on Sunday said gas prices may not drop below $3 a gallon until next year, as the U.S. war with Iran continues to wreak havoc on energy markets.
Tehran has largely locked up traffic through the Strait of Hormuz, a critical shipping channel that carries about a fifth of the world’s oil.
Since the war began on Feb. 28, gas prices per gallon have soared to about $4.04 per gallon on average, according to AAA.



Energy Secretary Chris Wright on Sunday said gas prices may not drop below $3 until next year, as the U.S. war with Iran and closure of the Strait of Hormuz continue to wreak havoc on energy markets.

“I don’t know, that could happen later this year, that might not happen until next year, but prices have likely peaked,” Wright said on CNN’s “State of the Union” when asked when prices at the pump will return to pre-war figures. “Certainly with a resolution of this conflict, energy prices will go down.” ..................

Read more: https://www.cnbc.com/2026/04/19/gas-prices-drop-until-next-year-wright.html?utm_source=firefox-newtab-en-us

“Uh, I don’t know,” Energy Secretary Chris Wright responded when asked whether he could clarify his previous claims about gas prices.

— The Daily Beast (@thedailybeast.bsky.social) 2026-04-19T15:49:02.763904Z