Energy Secretary Wright says gas prices might not drop below $3 until next year
Rising global tensions and shipping disruptions are keeping fuel costs high, officials say
At a glance
What matters most
- Energy Secretary Chris Wright said gas prices likely won't drop below $3 until 2027, due to ongoing global supply concerns.
- Iran's restrictions on shipping through the Strait of Hormuz have tightened oil markets and driven up fuel costs.
- Nationwide, the average gas price is currently $4.04 per gallon, according to AAA.
- Wright expressed optimism about a potential diplomatic breakthrough to end Iran's nuclear program, which could ease long-term pressures.
Across the spectrum
What people are saying
A quick look at how the same story is being framed from different angles.
On the Left
High gas prices are hitting working families hardest, and the administration needs to do more than wait for diplomacy. We should be accelerating investments in public transit, electric vehicles, and renewable energy to reduce our dependence on volatile global oil markets. Relying on deals with authoritarian regimes isn't a real energy strategy-it's a stopgap that leaves people vulnerable.
In the Center
Global oil markets are inherently reactive to geopolitical events, and the situation in the Strait of Hormuz is no exception. While the administration can't control international tensions, it can manage domestic response through strategic reserves, production adjustments, and clear communication. The path to lower prices depends more on diplomacy and stability than on short-term policy shifts.
On the Right
The administration's foreign policy has emboldened adversaries like Iran, and now American drivers are paying the price at the pump. A strong national energy strategy means less reliance on Middle East oil, not more negotiations. We need to unleash domestic production, approve key pipelines, and secure energy independence once and for all.
Full coverage
What you should know
Energy Secretary Chris Wright said Sunday that Americans shouldn't expect gas prices to fall below $3 a gallon anytime soon-possibly not until next year. The comment comes amid rising global energy tensions, as Iran continues to restrict shipping through the strategically vital Strait of Hormuz, a key passageway for oil exports.
Current national averages sit at $4.04 per gallon, according to the American Automobile Association, a level that has strained household budgets and reignited political debate over energy policy. Wright acknowledged the frustration but said market forces tied to global events are largely beyond immediate domestic control.
"I don't know if we'll see sub-$3 gas this year," Wright said in a Sunday interview. "That could happen later, but it might not happen until next year. It depends on how quickly we can restore stability to global shipping lanes and bring supply back in line with demand."
The Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea, handles about a fifth of the world's oil supply. Iran's recent moves to limit vessel passage have tightened global oil markets, pushing crude prices higher and feeding through to retail gasoline.
Still, Wright offered some cautious optimism. He said the U.S. is nearing a diplomatic agreement that could permanently end Iran's nuclear program, which he believes would reduce regional tensions and eventually open shipping routes. "These threats are the last gasp of a regime that knows its time is running out," he said.
From a market standpoint, officials suggest the sharpest price increases may already be behind us. The Energy Department points to steady domestic production and increased coordination with allied nations to release strategic reserves if needed. But sustained relief, they say, hinges on de-escalation in the Middle East.
For now, consumers are left waiting. While some analysts predict modest price drops in the second half of 2026, a return to the sub-$3 era many remember from earlier in the decade remains uncertain-and likely distant.
About this author
Zwely News Staff compiles multi-source reporting into concise, viewpoint-aware coverage for readers who want context without noise.
Source Notes
Wright: Gas prices dropping below $3 ‘might not happen until next year’
Energy Secretary Chris Wright said Sunday that gas prices may not drop below $3 until next year, as energy prices spike amid Iran’s restrictions on shipping through the Strait of Hormuz. “I don’t know. That could happen later this year. Tha...
Energy Secretary reveals when gas prices are expected to drop below $3 a gallon— says Iran War price hikes already ‘peaked’
Nationally, gas prices are averaging $4.04, according to the latest data from the American Automobile Association.
Energy Secretary Chris Wright bullish on Iran deal, as Strait of Hormuz shipping fears persist
Energy Secretary Chris Wright said Sunday that the United States is close to a deal that would permanently end Iran's nuclear program, dismissing Tehran's threats to the Strait of Hormuz as the final throes of a weakened government.
Previous story
Obama and Mamdani read and sing with Bronx pre-K students
Next story
