President Donald Trump said Monday that he disagrees with Energy Secretary Chris Wright’s prediction that gas prices may not drop until next year.
“No, I think he’s wrong on that. Totally wrong," Trump told The Hill, adding that gas prices will end when the Iran conflict ends.
Gas prices have risen during the U.S.-Israeli war on Iran and Iranian attacks on nearby countries.
Trump’s comments come after Wright on Sunday said gas prices have peaked but also predicted that they may stay above $3 per gallon until 2027.
“Certainly with the resolution of this conflict, you’ll see prices go down,” Wright told CNN.
Officials in the Trump administration have offered different perspectives on how gas prices may change since the U.S.-Israel military campaign against Iran. The closure of the Strait of Hormuz has disrupted global energy markets by inhibiting the transport of oil from major producers, such as Saudi Arabia, Iraq, and Iran. Nearly a fifth of global oil and gas supplies previously flowed through the global shipping route.
Treasury Secretary Scott Bessent last week predicted gas prices would fall to the $3 per gallon range this summer. Trump has also stated that gas prices may remain high until November.
“Average gasoline prices declined in 48 states over the last week, while diesel prices fell in 46 states, offering a welcome break at pumps, with the national average price of gasoline dipping below the $4 per gallon mark over the weekend,” De Haan said. “However, that relief may prove fleeting," pointing out that oil prices surged Sunday night after Iran re-closed the Strait of Hormuz and Trump warned of further escalation if Tehran does not come to an agreement.
As the United States enforces a blockade on all Iranian ports, Trump said in a social media post that U.S. officials will arrive in Pakistan for further negotiations with Iran on Monday.
The rise in gas prices has carried political implications for Trump ahead of the November midterm elections, where Republicans will defend slim majorities in both chambers of Congress.