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In a recent conversation with The Hill, President Trump expressed his disagreement with Energy Secretary Chris Wright’s prediction regarding gas prices. Wright had suggested that prices might not fall below $3 per gallon until the following year, a view Trump firmly rejected.
“No, I think he’s wrong on that. Totally wrong,” Trump stated during a phone interview, directly challenging his energy chief’s outlook. When pressed for his own forecast on when gas prices might see a decline, the President linked the issue to the ongoing conflict with Iran, implying a resolution there could lead to lower prices.
Meanwhile, Secretary Wright, speaking to CNN on Sunday, highlighted the impact of shipping constraints in the Strait of Hormuz on gas prices. He indicated uncertainty about the timeline, noting, “I don’t know. That could happen later this year. That might not happen until next year.”
Wright told CNN on Sunday that gas prices may not drop below $3 until next year amid shipping restrictions in the Strait of Hormuz.
“I don’t know. That could happen later this year. That might not happen until next year,” Wright said.
“But prices have likely peaked and they will start going down,” the secretary added. “Certainly, with a resolution of this conflict, you will see prices go down. Prices across the board on energy prices will go down.”
Wright’s comments were in stark contrast to comments from Treasury Secretary Scott Bessent last week, in which he predicted gas prices could hit the $3 range this summer.
The global oil industry has been rocked by Iran’s restrictions on shipping through the Strait of Hormuz, with gas prices in the U.S. rising to more than $4 for the first time since 2022 in the aftermath of Russia’s invasion of Ukraine.
According to AAA, the average price of gas in the U.S. sat at $4 on Monday morning.
Oil prices surged following the U.S. seizure of an Iranian vessel near the Strait of Hormuz on Sunday.
Brent crude, the international benchmark for oil, was up to around $94 on Monday, while West Texas Intermediate, the U.S. benchmark, was at roughly $88 per barrel.
The U.S. has been enforcing a blockade on all Iranian ports. Reuters reporting on Monday that Pakistan’s Army Chief Asim Munir told Trump the U.S. blockade on Iranian ports is a hurdle to negotiations, and that Trump said he would consider Munir’s advice.
When asked about the report, Trump told The Hill that Munir “didn’t recommend anything on the blockade.”
“The blockade is very powerful, very strong. They lose $500 million a day with the blockade up,” Trump said, referring to Iran. “We control it. They don’t control it.”
Vice President JD Vance is set to lead the U.S. delegation to Islamabad to meet with Pakistani and Iranian negotiators. However, Iran’s Foreign Ministry said on Monday that “no decision” has been made on whether to hold talks with the U.S.