Chris Wright says gas prices may not fall until next year—after midterms

U.S. Energy Secretary Chris Wright said Sunday that Americans may not see gas prices fall below key benchmarks until next year, as global energy disruptions tied to the Iran war continue to weigh on markets. Appearing on CNN’s State of the Union, Wright said prices have likely peaked but cautioned that meaningful relief—such as gasoline falling under $3 a gallon—may not arrive before 2027, depending on how quickly tensions in the Middle East are resolved.

Pressed by host Jake Tapper on earlier comments suggesting prices could ease within weeks, Wright acknowledged uncertainty, saying lower prices “could happen later this year” but might not occur until next year. He tied any sustained decline to a resolution of the conflict with Iran, arguing that instability in the Strait of Hormuz and disruptions to global energy flows remain the primary drivers of elevated prices, rather than domestic production levels.

Wright defended the Trump administration’s handling of the energy shock, arguing that gasoline prices during the current crisis have remained lower than peaks seen during the Biden administration, despite what he described as “the largest interruption in flow of energy ever.” He said the United States, as a net exporter of oil and the world’s largest exporter of natural gas, is better positioned than most countries to absorb short‑term disruptions, even as sanctions and blockades add pressure to markets.

The comments come as gas prices remain a politically sensitive issue heading into the November midterms, with voters closely watching energy costs amid broader economic concerns. While Wright did not reference the elections, his acknowledgment that prices may not significantly fall until next year suggests consumers could continue to face higher fuel costs through the end of 2026, as the administration seeks to end the conflict and stabilize global supply chains.