Americans could be stuck paying more than $3 per gallon of gas until next year, Energy Secretary Chris Wright said Sunday.
In an interview with CNN’s “State of the Union,” Wright said that while gas prices have spiked amid the ongoing war in Iran, he’s unsure when prices will dip below $3 again.
“That could happen later this year. That might not happen until next year,” Wright said. “But prices have likely peaked and they’ll start going down, certainly with a resolution of this conflict.”
Gas prices began rising after the start of U.S-Israel attacks, particularly after Iran closed the Strait of Hormuz. Normally, more than 20 million barrels of oil — or about one-fifth of the world’s supply — travel through the waterway. But since the start of the war, few ships have been able to travel through the strait.
