WASHINGTON — Prices at the gas pump likely peaked about a week ago and should start to slowly decline over the coming weeks as the war in Iran comes to a close, Energy Secretary Chris Wright said Sunday.
“Putting this 47-year conflict to an end and preventing Iran from getting nuclear weapons, of course, has come with short-term disruption. I think we’ve managed it fantastically, though,” Wright told CNN’s “State of the Union” on Sunday.
“Here we are in the middle of the largest interruption in [the] flow of energy ever, and gasoline prices peaked a week ago, about a dollar below the peak during the Biden administration.”
Wright cautioned that it could take until next year for gasoline prices to dip below $3 a gallon again — where they were before Operation Epicy Fury began on Feb. 28, underscoring how that price range “is pretty tremendous” in inflation-adjusted terms.
Nationally, gas prices are averaging $4.04, according to the latest data from the American Automobile Association.
“That might not happen until next year, but prices have likely peaked, and they’ll start going down,” he said when asked about getting prices down to $3 a gallon. “Certainly, with a resolution of this conflict, you’ll see prices go down.”
