Americans looking for relief at the pump may be waiting longer than expected. Energy Secretary Chris Wright told CNN’s State of the Union on Sunday that gasoline prices have likely peaked, but a return below $3 per gallon could take until 2027.
Where Prices Stand
The national average for regular gasoline hit $4.16 per gallon on April 9, the highest since early August 2022. By mid-April the average was still hovering around $4.05. Just two days before the Iran war began on February 26, the national average was $2.98.
The shift happened fast, and according to Wright, the reversal will not.
What Wright Actually Said
Asked when Americans should expect gas under $3, Wright replied that it could happen later this year, but might not happen until next year. He added that prices have likely peaked and will start declining, and that a resolution of the conflict would bring prices down.
The remarks directly contradicted Treasury Secretary Scott Bessent, who had predicted relief by summer. Trump himself told Fox News prices could remain the same or slightly higher through the November 2026 midterms.
The mismatch between administration officials is now part of the story.
The Strait of Hormuz Connection
Wright tied the price spike directly to the war in Iran and disruptions in the Strait of Hormuz. He argued that instability in the strait and disruptions to global energy flows remain the primary drivers of elevated prices, rather than domestic production levels.
Wright defended the administration’s handling of the energy shock, noting that the U.S. is a net exporter of oil and the world’s largest exporter of natural gas, putting it in a stronger position than most countries to absorb short-term disruptions.
The Political Dimension
Gas prices remain a politically sensitive issue heading into the midterms, with Republicans defending slim majorities in both the Senate and House. A sustained period above $4 per gallon through the second half of 2026 creates direct economic pressure on voters and political pressure on the administration.
Wright’s timeline effectively acknowledges that the pain will extend past the election cycle, regardless of how the conflict resolves.
What Would Bring Prices Down
A meaningful drop requires two conditions: greater global supply and sustained market stability. Both depend heavily on how the U.S.-Iran situation develops.
Wright said that under $3 per gallon is a significant benchmark in inflation-adjusted terms, and expressed confidence the U.S. would return there. The question is when, and for now the answer from his own administration remains uncertain.
For consumers, the message is straightforward. Current prices are not a spike. They are the operating environment for the foreseeable future.