Energy Secretary Chris Wright has warned that elevated gas prices could persist throughout 2026 and possibly into 2027, with a gallon of gas potentially remaining above $3 for the foreseeable future.
Wright stated in his remarks that prices have likely already reached their peak and may gradually decline in the coming months. However, he noted that a return to cheaper fuel would depend on stabilizing global oil supply, particularly through the Strait of Hormuz. He added that gas prices, which were under $3 before recent disruptions linked to the Iran war, have risen to approximately $4 per gallon.
President Donald J. Trump publicly disputed Wright’s assessment, calling his forecast “totally wrong” and predicting a drop in prices “as soon as [the Iran war] ends.”
The prolonged high cost of gas could place significant financial strain on American households and businesses, with economists warning that persistent inflationary pressures might impact the November midterms and undermine public confidence in the administration’s economic record.
