economy
Gas prices may not drop below $3 a gallon until next year: Energy Secretary Wright
Gas prices are more than $4 per gallon on average in the U.S. right now, a massive spike from just months ago.
TL;DR
- Energy Secretary Chris Wright predicts gas prices may not drop below $3 per gallon until next year.
- The U.S. war with Iran and the closure of the Strait of Hormuz are impacting energy markets.
- Average gas prices have surged to approximately $4.04 per gallon since the war began on February 28th.
- Prices were around $2.90 per gallon on February 1st, before the conflict escalated.
- Wright suggested that lower energy prices are contingent on a resolution to the conflict.
- Recent Iranian actions firing on tankers in the Strait of Hormuz have reduced hopes for a sustained ceasefire and full reopening of the strait.