Related videos:
The Secretary of Energy of the United States, Chris Wright, admitted this Sunday on CNN's "State of the Union" program that gas prices may not drop below three dollars per gallon until 2027, contradicting the optimism expressed days earlier by Treasury Secretary Scott Bessent.
Wright acknowledged that prices "have probably peaked and will start to decline," but cautioned that it will take longer to reach that price than many consumers expected. Bessent, for his part, predicted that gasoline could drop to around three dollars during the summer of 2026.
"The gallon below 3 dollars 'could occur by the end of this year, or it might not happen until next year. But it is likely that prices have peaked and will start to decline,' he stated."
"Certainly, with the resolution of this conflict, there will be a decrease in prices," he added, referring to Iran.
The current context is concerning for American wallets: the national average stands around $4.048 per gallon, after the price surpassed four dollars for the first time since 2022. According to official projections, gasoline is expected to average $3.70 per gallon throughout 2026, according to the Energy Information Administration.
The geopolitical situation exacerbates the energy outlook. the strait remains under strict Iranian control, keeping international oil markets on edge and complicating any predictions for immediate relief in prices.
This is further compounded by Trump announcing a two-week ceasefire in tensions with Iran, a move that some analysts consider a temporary effect in exchange for long-term gains, although its real impact on fuel prices remains uncertain.
Inflation in the United States rose to 3.3% in March, a figure that reflects the accumulated impact of energy costs on the cost of living for citizens, and that adds pressure on the administration to find faster solutions to the issue of prices at the pump.
Filed under: