WASHINGTON - U.S. Energy Secretary Chris Wright said on Sunday he believes retail gasoline prices have reached their peak, but he cautioned that prices could remain above $3 per gallon until next year.
Speaking on CNN's State of the Union program, Wright said lower prices "could happen later this year, that might not happen until next year. But prices have likely peaked, and theyll start going down." He added that "Certainly with the resolution of this conflict, youll see prices go down."
Gasoline costs have climbed amid the U.S. and Israeli war on Iran and reported Iranian attacks on nearby countries, a trend that has created political challenges for President Donald Trump ahead of the November midterm elections. The Republican Party will be defending slim majorities in both the Senate and the House of Representatives.
Other figures in the Trump administration have offered different timelines for when pump prices might retreat. Treasury Secretary Scott Bessent last week said he expected prices to fall to the $3 per gallon area this summer, while Wright described a longer path back to that level. The president himself has suggested that gasoline prices may remain elevated through November.
Wright underscored the broader view the administration shares: once the conflict with Iran ends, gasoline should ultimately become cheaper. He said, "Under $3 a gallon is pretty tremendous in inflation-adjusted terms. Well get back there for sure."
Industry price tracking showed the average cost for a gallon of regular gasoline at $4.05 on Sunday, according to an estimate by AAA. That compares with an average of $3.16 a year earlier.
Recent diplomatic and security developments
The United States and Iran agreed to a 10-day ceasefire on Thursday. However, President Trump on Sunday accused Iran of breaching that pause by carrying out attacks on ships in the Strait of Hormuz over the weekend. In a social media post, he said U.S. officials will arrive in Pakistan for further negotiations on Monday.
In the same post, the president reiterated previous warnings, writing, "Were offering a very fair and reasonable DEAL, and I hope they take it because, if they dont, the United States is going to knock out every single Power Plant, and every single Bridge, in Iran."
Implications
The comments from Wright and other administration figures highlight differing expectations within the U.S. government about how quickly gasoline prices may decline. Market participants and consumers will be watching both developments on the diplomatic front and any subsequent shifts in supply or demand that could affect pump prices.
For now, official statements stress that a resolution to the Iran conflict would be the key element likely to push prices lower.