Energy Secretary Says Gas Prices May Stay Above $3 Until 2027
The New York Times • • business
Key Points:
- Secretary of Energy Chris Wright stated that U.S. gasoline prices have likely peaked but may remain high for months, contradicting President Trump's earlier claim that high fuel prices would be short-term.
- Wright previously predicted gas prices would fall below $3 per gallon within weeks after U.S. and Israeli airstrikes on Iran, but now says it could take until later this year or next year for prices to return to that level.
- The average national gas price rose from $2.98 before the conflict to $4.05 per gallon, driven by Iran's disruption of shipping through the Strait of Hormuz, a key global energy route.
- Rising fuel costs pose a political challenge for President Trump and Republicans ahead of the 2024 presidential campaign and November midterm elections, as higher energy prices increase costs for consumers.
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