Energy Secretary Chris Wright signaled Sunday that American drivers should not expect gasoline prices to fall below the $3-per-gallon mark anytime soon, suggesting the threshold could take until next year to reach.
Speaking on CNN's "State of the Union," Wright acknowledged the timeline remained uncertain. "That could happen later this year. That might not happen until next year," he said when asked when relief might arrive at the pump.
The comments reflect mounting pressure on the Trump administration over energy costs. Prices spiked to $4.16 per gallon earlier this month before settling at $4.05, according to AAA data. Wright credited geopolitical conflict for the surge but expressed confidence that prices have peaked.
"Prices have likely peaked, and they'll start going down, certainly with a resolution of this conflict, you'll see prices go down," Wright said. He framed the current situation as manageable within the broader context of inflation, noting that even at elevated levels, sub-$3 prices represent "pretty tremendous" value in inflation-adjusted terms.
Wright also pointed out that this year's high remains substantially lower than the $5.16 peak reached during the Biden administration in 2022. The comparison underscores an argument the Trump team is making about energy management, even as consumers report genuine strain.
A CBS News/YouGov poll conducted this month found 51% of American adults described current gas prices as either "difficult" or a "financial hardship" for their household budgets. Multiple surveys have tracked similar concerns about pump prices affecting family finances.
The politics of gasoline prices remain potent heading into the midterm elections, with energy costs consistently ranking among voter concerns regardless of administration. Wright's hedged timeline suggests the administration recognizes it may take months for prices to normalize enough to ease consumer anxiety.
Author James Rodriguez: "Wright's careful language about when prices drop below $3 reveals the administration knows this remains an economic vulnerability, no matter how they try to spin the comparison to Biden-era highs."
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