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Gas Prices May Remain Over $3 Until 2027

4/22/2026

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Summary

Story summary

U.S. Energy Secretary Chris Wright said gas prices may stay high for months.
He added that prices may not fall below $3 per gallon until 2027.
He noted that current prices have likely peaked above $4 per gallon.
Iran's disruptions in the Strait of Hormuz are affecting oil supply.
A NBC poll shows 67% of Americans disapprove of U.S. President Donald Trump's handling of the Iran war and rising inflation.

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 quadruple from $3 to $12 per barrel. This crisis reshaped global economies, leading to inflation and public discontent, with today's gas prices echoing those past disruptions, particularly influenced by geopolitical tensions in the Strait of Hormuz.

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Story summary

U.S. Energy Secretary Chris Wright said gas prices may stay high for months.
He added that prices may not fall below $3 per gallon until 2027.
He noted that current prices have likely peaked above $4 per gallon.
Iran's disruptions in the Strait of Hormuz are affecting oil supply.
A NBC poll shows 67% of Americans disapprove of U.S. President Donald Trump's handling of the Iran war and rising inflation.

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