Energy Secretary Suggests Gasoline Prices May Have Peaked Last Week

U.S. Energy Secretary Chris Wright indicated on Tuesday that gasoline prices in the United States may have reached their peak approximately one week ago. During a Senate committee hearing, Wright responded to a question by stating, "It appears the peak occurred around a week ago." Since the outbreak of the conflict with Iran in late February, U.S. retail gasoline prices have surged by more than $1 per gallon, reaching a high of $4.17 per gallon on April 8. According to data from the American Automobile Association, the average price for regular gasoline stood at $4.02 per gallon on Monday, significantly higher than the pre-conflict level of under $3 per gallon recorded on February 28. Wright also noted that during the current administration, gasoline prices peaked at an average of $5.02 per gallon in June 2022 following the Russia-Ukraine conflict, with current prices remaining below that level. In a recent interview, Wright suggested that gasoline prices are likely to remain at or above $3 per gallon until next year. U.S. President Donald Trump expressed disagreement with this assessment during an interview. When questioned by Democratic Senator Martin Heinrich of New Mexico about whether he stands by his prediction, Wright replied, "I cannot predict future energy prices with certainty, though I frequently observe and speculate on these trends."