Trump Gives Bad News On Gas Prices

U.S. gas prices may take longer than expected to drop back below $3 per gallon, according to Chris Wright, who addressed the issue during a weekend interview.

Speaking on CNN, Wright said Americans could see lower prices later this year—but acknowledged it may not happen until next year. His comments come as fuel costs remain elevated following tensions tied to the Iran conflict.

The recent surge in gas prices has reversed what had been a period of relatively lower costs, raising concerns about the financial impact on households and the broader political landscape. Rising prices at the pump are often closely watched, especially ahead of major elections.

Still, Wright suggested there may be some relief ahead. He indicated that prices have likely already reached their peak and should begin trending downward, particularly if the geopolitical situation stabilizes.

Despite current concerns, Wright emphasized that today’s gas prices are still relatively favorable when adjusted for inflation. He also pointed out that the recent high—around $4.16 per gallon earlier this month—remains below the peak levels seen in 2022.

According to data from AAA, the national average has since dipped slightly, hovering just above $4 per gallon.

Even so, many Americans are feeling the strain. A recent survey conducted by CBS News in partnership with YouGovfound that more than half of respondents say gas prices are either difficult to manage or a direct financial burden on their households.

As the situation evolves, energy markets—and consumers—will be watching closely to see whether easing tensions can bring meaningful relief at the pump in the months ahead.