Energy Sec Wright ties sub-$3 gas to Iran deal as Islamabad talks begin: 'Prices have peaked'
Secretary of Energy Chris Wright gives timeline on gas prices, saying drop below $3 may not happen until 2027 despite easing trends.
— Derrick Evans (@DerrickEvans4WV) April 19, 2026
"I don’t know. That could happen later this year or it might not happen until next year, but prices have likely peaked… it might not fall below… pic.twitter.com/xhIwlE9Ad3
WASHINGTON, DC: Energy Secretary Chris Wright said on Sunday, April 19, that gasoline prices may not fall below $3 per gallon until next year, as ongoing tensions between the United States and Iran continue to impact global energy markets.
Wright indicated that while prices may have peaked, relief at the pump will depend on the resolution of the conflict.
His remarks come as US and Iranian officials prepare to resume negotiations in Islamabad, Pakistan. The situation remains closely tied to disruptions in oil flows through the Strait of Hormuz.
Energy prices remain elevated amid Hormuz disruptions
Wright said uncertainty remains over when fuel prices will return to pre-conflict levels, noting that a drop below $3 per gallon could take time.
“I don’t know, that could happen later this year, that might not happen until next year, but prices have likely peaked,” he said in an interview with CNN.
He added that any sustained decline would depend on geopolitical developments. “Certainly with a resolution of this conflict… prices across the board on energy prices will go down,” Wright said.
Gasoline prices have risen sharply since the escalation of the US-Iran conflict, driven in part by disruptions to shipping through the Strait of Hormuz, a key transit route for global oil supplies.
The waterway carries roughly one-fifth of the world’s oil, and restrictions on traffic have affected supply chains and pricing.
.@SecretaryWright: "We definitely want energy from everywhere we can get it. We're driving nuclear forward in the Trump Administration—but in the last 20 years, the world spent $10T on [green energy]. It hasn't made it to 3% of global energy, and it's just driven up prices." pic.twitter.com/QHl0Y7MFUo
— Rapid Response 47 (@RapidResponse47) April 19, 2026
Wright also emphasized a broader approach to energy supply, stating, “We definitely want energy from everywhere we can get it. We're driving nuclear forward in the Trump Administration, but in the last 20 years, the world spent $10T on (green energy).”
He added that such investments “haven't made it to 3% of global energy, and it's just driven up prices.”
He also emphasized that sub-$3 gasoline prices are relatively uncommon in inflation-adjusted terms. “Under $3 a gallon is pretty tremendous in inflation-adjusted terms… We’ll get back there for sure,” Wright said.
US-Iran talks resume as tensions persist
Wright’s comments come as diplomatic efforts between the United States and Iran are set to resume.
US representatives are expected to meet Iranian counterparts in Islamabad, Pakistan, following a previous round of talks that did not result in an agreement.
The renewed discussions follow recent developments in the Strait of Hormuz, where tensions remain high.
While there were indications late last week that the waterway could reopen more fully to commercial traffic, reports of renewed incidents involving vessels have complicated expectations for a sustained ceasefire.
President Trump has also commented on the situation, asserting that disruptions in the region have had limited impact on the United States.
Responding to Trump’s claim that “The United States loses nothing” from the closure of the Strait, Wright said, “Putting this 47-year conflict to an end and preventing Iran from getting nuclear weapons, of course, has come with short-term disruption.” He added, “I think we’ve managed it fantastically, though.”
