US Energy Secretary Chris Wright said Sunday that gas prices may not fall below $3 a gallon until 2027.
Wright cited ongoing instability in the Strait of Hormuz due to the US-Iran conflict as the main factor driving elevated fuel costs.
The prolonged high prices pose political challenges for the Trump administration ahead of the 2026 midterms, as public disapproval over inflation grows.
While consumers suffer, are American energy exporters profiting from this global oil crisis?
Will releasing strategic oil reserves provide any lasting relief from soaring gas prices?
Could record-high gas prices finally trigger a mass consumer shift to electric vehicles?
How will the Iran conflict disrupt global supply chains for goods beyond just oil?
With a presidential deadline looming, what would a successful diplomatic deal with Iran look like?
How much could the global economy shrink if the Strait of Hormuz remains closed?