U.S. Gas Prices May Not Drop Below $3 Until 2027, Says Energy Secretary Chris Wright

U.S. Energy Secretary Chris Wright stated on April 19, 2026, that gasoline prices may not fall below $3 per gallon until next year, as the ongoing war with Iran continues to disrupt energy markets. During an interview on CNN's "State of the Union," Wright expressed uncertainty about when prices would return to pre-war levels, saying, “That could happen later this year. That might not happen until next year.” As of mid-April, the average price for a gallon of regular gasoline was reported at approximately $4.05, a significant increase from $2.98 just before the conflict began on February 28.

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The surge in gas prices has been attributed to Iran's closure of the Strait of Hormuz, a critical shipping route for global oil supplies, which has been largely inaccessible since the start of the U.S.-Israel military actions against Iran. This strait is vital, as it facilitates the transit of about one-fifth of the world's oil. Wright indicated that the resolution of the conflict would likely lead to a decrease in energy prices, stating, “Certainly with a resolution of this conflict, you will see prices go down.”

Politico

The rising gas prices pose a significant political challenge for President Donald Trump and his administration, especially with the upcoming midterm elections in November 2026. An NBC poll indicated that 68% of Americans disapprove of Trump's handling of inflation and the economy. The prolonged period of elevated gas prices could impact voter sentiment, as many Americans view fuel costs as a direct reflection of broader economic conditions.

Newsweek

Wright's comments mark a shift from earlier predictions made by administration officials. In a March 15 interview, he had suggested there was a “very good chance” gas prices would drop below $3 by summer. This inconsistency has contributed to confusion among the public regarding future fuel costs. Treasury Secretary Scott Bessent had also expressed optimism about prices returning to the $3 range during the summer driving season, contrasting with Wright's more cautious outlook.

The Guardian

Critics have pointed out that the administration's failure to stabilize gas prices could undermine its credibility. A Quinnipiac University poll revealed that 65% of voters blame Trump for rising gas prices, while 57% disapprove of his economic management. The political stakes are high, as sustained pressure at the pump could jeopardize Republican control in Congress.

US Gas Prices May Not Fall Below $3 Until Next Year, Energy Secretary Wright SaysNewsweekNewsmax (website)New York TimesThe GuardianUSA TodayCNBCThe Hill

• “I don’t know. That could happen later this year. That might not happen until next year.” — Chris Wright, U.S. Energy Secretary

The Guardian

• “ Wright added that "under $3 a gallon is pretty tremendous in inflation-adjusted terms.” — Chris Wright, U.S. Energy Secretary

CNBC

• “Certainly with the resolution of this conflict, you’ll see prices go down.” — Chris Wright, U.S. Energy Secretary

Newsmax (website)

As the situation evolves, U.S. negotiators are set to engage in further discussions with Iran, with a ceasefire scheduled to end soon. The outcome of these negotiations may significantly influence future gas prices and overall economic conditions leading into the midterm elections.

Newsweek