economy
Chris Wright warns gas prices may stay high throughout the summer
Energy Secretary Chris Wright said it could take months to lower gas prices and acknowledged that prices may go up further before falling.
TL;DR
- Energy Secretary Chris Wright anticipates it may take months for gas prices to decrease.
- Prices could potentially rise further before they start to fall.
- Wright previously predicted gas prices could fall below $3 per gallon by summer, but now calls that timeline 'aggressive.'
- The nationwide average price for gasoline was $4.125 per gallon as of Monday.
- High prices are attributed to the disruption of energy flows caused by the war in Iran.
- Lower prices are contingent on meaningful ship traffic through the Strait of Hormuz.
- Wright suggested it's a 'very real possibility' that prices rise more before falling.