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Gas prices may not fall below $3 a gallon until 2027, according to Energy Secretary Chris Wright.
Wright made the prediction during an interview with CNN that aired on Sunday.
He said while the price drop “could happen later this year,” it “might not happen until next year.”
“But prices have likely peaked, and they’ll start going down certainly with a resolution of this conflict” Wright said.
On Sunday, the average price for a regular gallon of gas in the US was $4.04—26 cents lower than the Energy Information Administration’s prediction.
West Coast and Northeastern states have the highest prices.
Before the war in Iran, the average cost of a gallon of has was $2.98.
Under normal conditions, 20% of the world’s oil and natural-gas exports pass through the Strait of Hormuz.
Since the beginning of the war, at the end of February, traffic through the Strait has been severely restricted.
The US Navy is now blockading ships that dock at Iranian ports in the Strait.
So far, according to US Central Command (CENTCOM), 25 vessels have been forced to turn around.
On Sunday, the USS Spruance intercepted the Touska cargo ship in the Gulf of Oman after it refused to stop, despite repeated warnings.
“Today, an Iranian-flagged cargo ship named TOUSKA, nearly 900 feet long and weighing almost as much as an aircraft carrier, tried to get past our Naval Blockade, and it did not go well for them,” Trump said on Truth Social.
“Right now, U.S. Marines have custody of the vessel. The TOUSKA is under U.S. Treasury Sanctions because of their prior history of illegal activity. We have full custody of the ship, and are seeing what’s on board!”
US Central Command posted a video of the Spruance opening fire on the ship after warning it, and of Marines boarding and seizing the vessel.
The seizure comes as President Trump prepares for a fresh round of negotiations in Pakistan, sending Vice President JD Vance, special envoy Steve Witkoff and his son-in-law Jared Kushner.
The Iranians, however, have said they will not be sending a delegation to the talks, because US demands are too tough.
“Iran stated that its absence from the second round of talks stems from what it called Washington’s excessive demands, unrealistic expectations, constant shifts in stance, repeated contradictions, and the ongoing naval blockade, which it considers a breach of the ceasefire,” the state-run IRNA outlet said.
President Trump has refused to budge on his demand that Iran abandon its nuclear ambitions.
On Friday, he said the Iranians had agreed to hand over all their stocks of enriched uranium.
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