US Energy Chief Warns Petrol Prices to Stay Above $3 Amid Iran War Fallout

Speaking to CNN, Wright said prices may stay above $3 per gallon (3.8 litres) into next year despite expectations they have already peaked.

“Gas below $3 a gallon could happen later this year. That might not happen until next year. But prices have likely peaked, and they’ll start going down,” he said.

The national average currently stands at $4.05 per gallon, significantly higher than a year ago.

Wright said a sustained drop will depend on an end to the war, warning instability will continue to keep prices high.