Axios
U.S. average gasoline prices may not return to pre-war levels under $3-per-gallon until next year, Energy Secretary Chris Wright told CNN Sunday. Why it matters: The Iran war has driven up what had been fairly low U.S. gas prices, a spike that could hurt Republicans in the midterm elections. Driving the news: Asked Sunday when Americans should expect gas under $3, Wright replied, "That could happen later this year. 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," he said on CNN's "State of the Union ." State of play: Wright added that under $3 is "pretty tremendous" in inflation-adjusted terms. He argued the Trump administration has successfully managed the historic disruption. Prices reached their highest point so far this year at $4.16 per gallon earlier this month and now are at $4.05, per AAA data. Wright emphasized that the highest point this year is still $1 below the Biden-era peak in 2022. What we're watching: A CBS News/YouGov poll this month found that 51% of adults said gasoline prices have been either "difficult" or a "financial hardship" for family finances. It's among multiple polls showing concern about pump prices.
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