Chris Wright Says Gas Prices May Not Fall Until Next Year—After Midterms
Summary
U.S. Energy Secretary Chris Wright said gas prices have likely reached their highest point but may not drop below $3 a gallon until next year or even 2027. He linked high prices to ongoing conflicts in the Middle East, especially around Iran, which affect global energy supply.Key Facts
- Chris Wright is the U.S. Energy Secretary.
- He said gas prices might not fall below $3 a gallon until 2027, depending on Middle East tensions.
- Prices have probably peaked but relief could come later this year or next year.
- The conflict with Iran and disruptions in the Strait of Hormuz are the main reasons for high prices.
- U.S. domestic oil production is not the main cause of high gas prices.
- Wright said the Trump administration managed energy supply well during past crises.
- The U.S. is a net exporter of oil and the largest exporter of natural gas.
- Gas prices remain a major political issue before the November midterm elections.
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