Energy Secretary Chris Wright told CNN’s “State of the Union” on Sunday that American gas prices have probably peaked, but warned they may not fall below $3 a gallon until sometime next year.
The average gallon of regular gas was sitting at $4.05 on Sunday, according to AAA, up from $3.16 at the same point last year. Prices have climbed since the U.S. and Israel launched military operations against Iran, and Iranian retaliatory strikes on neighbouring countries have kept markets unsettled. For Trump, the timing is awkward: Republicans go into November’s midterm elections defending thin majorities in both chambers, and $4 gas is not a comfortable backdrop.
Administration officials haven’t quite been singing from the same sheet. Treasury Secretary Scott Bessent told reporters last week that prices would likely ease into the $3 range by summer. Wright’s version on Sunday was less optimistic on timing, though he held the same basic line that relief is coming. Trump himself has said prices may stay elevated through November. What all three agree on is that the trajectory points downward once the Iran conflict winds down.
“Under $3 a gallon is pretty tremendous in inflation-adjusted terms,” Wright said. “We’ll get back there for sure.”
The disruption isn’t limited to the pump. Airlines have flagged the risk of a jet fuel shortage tied to the war’s interference with oil delivery routes. Transportation Secretary Sean Duffy said Sunday that the situation should ease as the Iran conflict recedes, predicting cheaper air travel costs on the other side of it.
The diplomatic picture remains fragile. Washington and Tehran agreed to a 10-day ceasefire on Thursday, but Trump accused Iran of breaching it almost immediately after Iranian forces struck ships in the Strait of Hormuz over the weekend. U.S. officials are due in Pakistan on Monday for further talks.
Trump, posting on social media, framed the American offer as generous and the consequences of rejection as severe: “I hope they take it because, if they don’t, the United States is going to knock out every single Power Plant, and every single Bridge, in Iran.”
