Story perspectives

Gas Prices Expected to Remain Above $3 Amid Iran Tensions

4/20/2026

Summary

Story summary

Energy Secretary Chris Wright says U.S. gasoline prices may stay above $3 per gallon into next year due to Iran, Strait of Hormuz closure.
Prices have likely peaked and will ease after a resolution to the conflict.
The current average is about $4.04 per gallon, well above the pre-war $2.98.
The situation creates political challenges for U.S. President Donald Trump because high prices could affect Republicans in the midterm elections.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, causing oil prices to surge from $3 to nearly $12 per barrel. This event reshaped global energy dynamics and led to significant economic repercussions, including inflation and unemployment, echoing today's geopolitical tensions and rising gasoline prices averaging $4.04 per gallon.

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Story summary

Energy Secretary Chris Wright says U.S. gasoline prices may stay above $3 per gallon into next year due to Iran, Strait of Hormuz closure.
Prices have likely peaked and will ease after a resolution to the conflict.
The current average is about $4.04 per gallon, well above the pre-war $2.98.
The situation creates political challenges for U.S. President Donald Trump because high prices could affect Republicans in the midterm elections.

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