Gas prices in the United States may not fall below $3 per gallon until 2027, according to Energy Secretary Chris Wright, who cited ongoing disruptions from the U.S.-Iran war and the closure of the Strait of Hormuz as primary drivers.
Wright made the remark during a CNN interview on April 14, 2026, responding to questions about when fuel costs might return to pre-war levels. He acknowledged that prices could dip below $3 later in 2026 but said it was more likely to occur the following year, noting that a resolution to the conflict would be necessary for any sustained decline.
Since the war began on February 28, 2026, the national average for regular unleaded gasoline has risen from $2.90 per gallon on February 1 to approximately $4.04 per gallon, according to AAA data referenced in the CNBC report. The Strait of Hormuz, through which about one-fifth of global oil shipments pass, has been largely blocked by Iranian forces since the outbreak of hostilities.
Wright says inflation-adjusted sub-$3 gas is a meaningful benchmark
The energy secretary emphasized that gas prices under $3 per gallon represent a significant achievement in inflation-adjusted terms, noting that whereas such levels occurred during the Trump administration, they have been rare in recent years. He expressed confidence that the U.S. Would return to that range eventually, stating, “We’ll get back there for sure.”
Wright tied the prospect of lower prices directly to diplomatic progress, saying that renewed talks between U.S. And Iranian envoys in Islamabad offered a potential path forward. However, he cautioned that recent Iranian attacks on two tankers transiting the Strait over the weekend had undermined optimism about a durable ceasefire and full commercial reopening of the waterway.
Market reactions show fragility of any price relief
Oil prices declined late in the week prior to Wright’s interview after both nations signaled the Strait might reopen for commerce, but the weekend tanker attacks reversed that trend and renewed market volatility. The episode underscored how closely energy costs remain tied to military and diplomatic developments in the region.
Analysts note that even if the Strait were to reopen fully, lingering risks of renewed conflict or intermittent disruptions could keep upward pressure on prices through 2026 and into 2027. Wright’s timeline reflects a cautious assessment that structural normalization of energy flows may take longer than optimistic diplomatic signals suggest.
Why are gas prices still so high?
Gas prices remain elevated due to the ongoing U.S.-Iran war and Iran’s continued blockade of the Strait of Hormuz, a critical route for about 20% of the world’s oil shipments, which has constrained global supply and driven up costs since February 2026.
Could prices drop below $3 sooner than 2027?
Energy Secretary Chris Wright said it is possible gas prices could fall below $3 later in 2026, but he believes it is more likely to happen in 2027, depending on whether a lasting resolution to the conflict allows the Strait of Hormuz to fully reopen for commercial shipping.
