Wright: Gas prices dropping below $3 ‘might not happen until next year’
Summary
Energy Secretary Chris Wright said gas prices in the U.S. might not fall below $3 per gallon until next year. This is because energy prices are rising due to Iran limiting shipping through the Strait of Hormuz, a key oil route.Key Facts
- Energy Secretary Chris Wright spoke about gas prices on CNN’s “State of the Union.”
- He said gas prices dropping below $3 per gallon may happen later this year or might not occur until next year.
- Energy prices have increased recently.
- The price rise is linked to Iran restricting shipping through the Strait of Hormuz.
- The Strait of Hormuz is an important route for oil shipping.
- These restrictions affect global energy markets and U.S. gasoline costs.
- No exact date was given for when gas prices will fall below $3.
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