Energy Secretary Chris Wright is forecasting a prolonged period of elevated gas prices, warning that a gallon of gas could remain over $3 for the rest of the year.
| PULSE POINTS |
❓ WHAT HAPPENED: Energy Secretary Chris Wright warned on Sunday that elevated gas prices could persist until 2027, with the cost of a regular gallon of gas potentially remaining above $3 throughout 2026. Notably, President Donald J. Trump subsequently said that his Energy Secretary is “totally wrong.” 💬 KEY QUOTE: “A price of $3 per gallon of gas could happen later this year, [but] might not happen until next year,” Wright said on Sunday. 📺 DETAIL: Discussing the situation in a CNN interview over the weekend, Wright said that prices have likely already peaked and may gradually decline in the near term, but a return to cheaper fuel depends on stabilizing global oil supply, particularly through the Strait of Hormuz. Gas prices, which were under $3 before the conflict, have risen to around $4 per gallon due to supply shocks linked to the Iran war. President Donald J. Trump publicly disagreed with his Energy Secretary on Monday, telling The Hill, “No, I think he’s wrong on that. Totally wrong,” and predicting that prices will drop “as soon as [the Iran war] ends.” 🎯 IMPACT: Americans will face continued financial strain as high fuel costs ripple through the economy, affecting transportation, goods, and services. If Wright is correct, the prolonged timeline for a significant price drop could affect the midterms in November, with inflationary pressures pushing up costs and undermining public faith in the administration’s economic record. |
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