Energy Secretary Says He's 'Avoiding Price Predictions' as Gas Prices Climb
Summary
Energy Secretary Chris Wright did not rule out the chance that gas prices in the U.S. could hit $5 a gallon as prices continue to rise. He said prices will stay high while the conflict in the Strait of Hormuz continues but will go down once shipping returns to normal.Key Facts
- The national average for regular gasoline is $4.52 per gallon as of Sunday.
- Gas prices have risen about $1.40 compared to one year ago.
- The price increase is linked to the war involving Iran and disruption of tanker traffic at the Strait of Hormuz.
- Normally, over 100 ships pass daily through the Strait of Hormuz; currently, only seven are making it through.
- The U.S. has imposed a blockade on Iranian shipping at the strait.
- The Energy Secretary said he cannot predict when gas prices will fall back to $3 a gallon.
- The Trump administration is considering options such as suspending the federal gas tax to lower costs.
- Preventing Iran from obtaining nuclear weapons remains the U.S. administration’s top priority.
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