Energy Secretary says gas prices will drop below $3 a gallon in 2027

Chris Wright predicts Iran war price hikes have already 'peaked' as conflict nears resolution

Apr. 19, 2026 at 1:48pm

Got story updates? Submit your updates here. ›

A minimalist, abstract illustration featuring overlapping triangles and circles in shades of red, blue, and yellow, conceptually representing the volatility of gas prices and the impact of global events on the energy market.As the long-running conflict with Iran nears resolution, the Energy Secretary predicts gas prices will slowly decline after reaching a peak last week.Washington Today

Energy Secretary Chris Wright stated on Sunday that gasoline prices have likely peaked and should start declining in the coming weeks as the war in Iran comes to an end. Wright cautioned that it could take until next year for prices to dip below $3 per gallon again, where they were before the conflict began on February 28. Nationally, gas prices are currently averaging $4.04 per gallon according to AAA data.

Why it matters

The ongoing conflict with Iran has caused significant disruptions in the global energy supply, leading to sharp increases in gas prices that have impacted consumers across the United States. Wright's comments suggest that relief may be on the horizon as the war appears to be nearing resolution, though the full recovery to pre-conflict price levels could take over a year.

The details

Wright told CNN's 'State of the Union' that 'putting this 47-year conflict to an end and preventing Iran from getting nuclear weapons, of course, has come with short-term disruption.' However, he noted that gas prices 'peaked a week ago, about a dollar below the peak during the Biden administration.' While Wright cautioned that prices may not drop below $3 per gallon until next year, he expressed confidence that 'prices have likely peaked, and they'll start going down' with the resolution of the conflict.

  • Gas prices peaked about a week ago, according to Wright.
  • Prices are currently averaging $4.04 per gallon nationally, as of the latest AAA data.

The players

Chris Wright

The current U.S. Energy Secretary, who provided the predictions about gas prices dropping in the coming months.

Got photos? Submit your photos here. ›

What they’re saying

“'Putting this 47-year conflict to an end and preventing Iran from getting nuclear weapons, of course, has come with short-term disruption. I think we've managed it fantastically, though.'”

— Chris Wright, U.S. Energy Secretary

“'Here we are in the middle of the largest interruption in [the] flow of energy ever, and gasoline prices peaked a week ago, about a dollar below the peak during the Biden administration.'”

— Chris Wright, U.S. Energy Secretary

“'That might not happen until next year, but prices have likely peaked, and they'll start going down. Certainly, with a resolution of this conflict, you'll see prices go down.'”

— Chris Wright, U.S. Energy Secretary

What’s next

The Biden administration will continue to monitor gas prices and work towards a resolution of the conflict with Iran in order to further stabilize the global energy market.

The takeaway

The end of the long-running conflict with Iran is expected to provide relief for American consumers at the gas pump, though it may take over a year for prices to fully recover to pre-war levels below $3 per gallon.