Wright Revises Forecast That $3 Gas Is ‘Weeks’ Away
A currency trader reacts near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, on Wednesday, April 15, 2026. (AP Photo/Ahn Young-joon)
Gasoline prices in the United States may have already reached their peak, but officials are now warning that relief back below the $3 mark is unlikely in the near term.
Energy Secretary Chris Wright, who earlier in the year suggested that prices under $3 per gallon could return within weeks, has now walked back that outlook. Speaking on CNN’s State of the Union, he said he can no longer point to a clear timeline for when Americans might see those lower prices again, and suggested it could be sometime next year. He also noted that fuel prices before the current global tensions looked unusually low once inflation is taken into account. According to reporting from the The New York Times, the national average is currently about $4.05 per gallon, up from roughly $2.98 before U.S. and Israeli strikes on Iran began in February.
A major factor behind the increase has been instability involving Iran and its efforts to disrupt shipping through the Strait of Hormuz, a critical route for global oil transport. That disruption has tightened global supply and pushed prices higher. Wright said, as reported by The Guardian, that fuel costs would likely come down once the conflict is resolved, but did not suggest an immediate drop would follow.
The price surge has also created political pressure for Donald Trump, who campaigned on reducing energy costs and had previously described the increase as temporary. He has recently said he expects gas prices in November to remain close to current levels, a view that aligns with Wright’s updated assessment.
Criticism has come from Democrats, who argue the administration lacks a clear plan to reduce fuel costs. Senator Andy Kim said the comments reflect an absence of effective strategy. Meanwhile, industry figures have cautioned against expecting quick relief even if the situation around the Strait of Hormuz stabilizes. Oil executive and Republican donor Dan Eberhart told the Times that the market is far more complex than simple predictions suggest.
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