Chris Wright, the Energy Secretary, stated that there could be a decrease in gas prices by the upcoming summer.
Wright, in an interview with NBC News “Meet the Press” on Sunday, expressed optimism when asked about the possibility of gas prices falling below $3 per gallon by summer.
“There’s a very good chance that’ll be true,” said Wright.
According to Wright, the U.S. is on the brink of “removing the risk” posed by Iran’s ongoing threat to global energy supplies. He anticipates a post-war scenario where energy is “more abundant, more affordable, and less risky for American soldiers and commerce in the Middle East.”
On the topic of the Strait of Hormuz’s safety for ships, Wright acknowledged the current risks but assured that its reopening is a major post-conflict goal. He emphasized that while war outcomes can’t be guaranteed, the administration is committed to achieving a potential drop in gas prices.
The U.S.-Israeli war on Iran has been a significant factor contributing to the current surge in gas prices. According to the American Automobile Association (AAA), the average price per gallon is $3.718.
“Americans are feeling it right now. Americans will feel it for a few more weeks,” said Wright.
Wright, Trump See Gas Cost Relief
Wright’s forecast aligns with his previous expression of optimism about the imminent end of the Iran conflict. He had indicated that the war could potentially conclude in the coming weeks, which would alleviate the pressure on gas prices.
In a call with NBC News, President Donald Trump dismissed U.S. gas price concerns, saying they are likely to drop below previous levels and recalling that he had lowered them to record lows.
Interestingly, earlier, Wright had dismissed fears about the Strait of Hormuz closure, stating that U.S. military action is reducing Iran’s ability to attack shipping.
Analyst Predicts Sustained High Gas Prices
The war’s economic impact, however, and its effect on energy prices have raised concerns. Senator Mark Kelly has called for gas tax relief, questioning how the conflict benefits Americans grappling with rising living costs. Kelly said he introduced legislation to temporarily suspend the federal gas tax to help reduce pump prices, while noting the measure may not fully counter rising fuel costs.
Patrick De Haan of GasBuddy told Forbes that U.S. gas prices are expected to stay high through much of the year, even if short-term crude oil fluctuations calm. Haan said that the gas prices aren’t likely to drop to pre-war prices “until later this year.”
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.
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