US Energy Chief Says Gas May Not Dip Below $3 Until Next Year
(Bloomberg) -- US gasoline prices may remain at $3 per gallon or more until next year, Energy Secretary Chris Wright said, contradicting Treasury Secretary Scott Bessent’s prediction of relief by summer.
Gas prices “have likely peaked” and are certain to decline once there’s a “resolution” to the US-Israeli war with Iran, Wright said on CNN’s .
Asked when prices might drop to less than $3, Wright said, “I don’t know — that could happen later this year, that might not happen until next year.” Republicans are already expected to have a tough election season, and elevated gas prices won’t help the GOP maintain control of the House and Senate.
Bessent said last week he sees the price of gasoline abating over the US summer driving season, telling reporters at the White House he’s “optimistic that sometime between June 20 and Sept. 20, that we can have $3 gas again.”
The national average price of a gallon of regular gasoline was averaging $4.10 last week, according to the American Automobile Association. That’s up from an average of less than $3 a gallon before the war with Iran began on Feb. 28.
An April 9-13 Quinnipiac University poll suggested that 65% of voters blame Trump for rising gas prices and 57% disapprove of his handling of the economy.
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