Iran war midterm elections gas prices gasoline costs Energy Secretary Chris Wright

U.S. average gasoline prices may not return to pre-Iran war levels under $3 per gallon until at least next year, Energy Secretary Chris Wright told CNN on Sunday.

Why it matters: The Iran war has driven up what had been relatively low U.S. gas prices, a spike that could negatively affect Republicans in the midterm elections.

Driving the news: When asked on CNN’s “State of the Union” when Americans should expect gas prices to fall below $3, Wright responded:

"That could happen later this year. That might not happen until next year."

He added: "But prices have likely peaked, and they'll start going down, certainly with a resolution of this conflict, you'll see prices go down."

State of play: Wright also noted that gas prices under $3 remain "pretty tremendous" even after adjusting for inflation. He claimed the Trump administration has effectively managed the historic disruption.

According to AAA data, prices reached their highest point this year at $4.16 per gallon earlier in the month and are now at $4.05.

Wright highlighted that this year’s peak 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 their family finances. This concern is reflected in multiple polls tracking pump prices.

Go deeper: Renewable energy gets an Iran war boost

Source: Axios
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