US energy chief states gas prices could stay above $3 per gallon until next year
US Energy Secretary Chris Wright on Sunday stated he believes gas prices have peaked but predicted that they may stay above $3 per gallon until next
An illustrative image related to: US energy chief states gas prices could stay above $3 per gallon until next year, highlighting key aspects of the story. | Image source: Geo News
US energy chief states gas prices could stay above $3 per gallon until next year
US Energy Secretary Chris Wright on Sunday stated he believes gas prices have peaked but predicted that they may stay above $3 per gallon until next year.
Gas prices have risen during the US and Israeli conflict on Iran and Iranian attacks on US bases in the Gulf zone, creating political headwinds for Head Donald Trump ahead of the November midterm elections, where his Republican Faction will defend slim majorities in the Upperhouse and House of Representatives.
Gas below $3 a gallon "could happen later this year, that might not happen until next year. But prices have likely peaked, and they'll start going down,” he informed CNN's "Province of the Union" programme. "Certainly, with the formal declaration of this dispute, you'll see prices go down."
Trump governing body representatives have offered differing views on how gas prices may shift. Treasury Secretary Scott Bessent last week predicted gas prices would fall to the $3 per gallon range this summer, while Wright on Sunday laid out a lengthier likely timeline to reach that price.
All of them have stated gasoline will eventually get cheaper once the Iran conflict ends. "Under $3 a gallon is pretty tremendous in price-rise-adjusted terms," Wright stated. "We'll get back there for sure."
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