Trump says Energy Secretary Wright is wrong on $3 gas timeline a gallon
Fox Business • • business
Key Points:
- President Donald Trump disputed Energy Secretary Christopher Wright's statement that gas prices may not return to $3 per gallon until next year or later, insisting prices will drop sharply "as soon as" the Strait of Hormuz oil blockade ends.
- Wright acknowledged that energy prices have likely peaked and will decline with a resolution to the conflict, but was less certain about the timing for gas prices falling below $3 per gallon, suggesting it might not happen until 2027.
- Current average U.S. gas prices stand at $4.04 per gallon, with coastal states experiencing the highest prices above $4 and Midwest states seeing lower averages in the low-to-mid $3 range.
- Treasury Secretary Scott Bessent emphasized monitoring gas stations to prevent price gouging during the price decline, warning that bad actors who raised prices unfairly on the way up should reduce prices accordingly on the way down.
- Both Trump and Bessent highlighted that the U.S. is a net oil exporter with ample supply, arguing that recent price spikes were driven by speculative fears related to the Iran blockade rather than actual shortages.
