US President Donald Trump on Monday dismissed his top energy official's view that gas prices will not drop until 2027, saying Americans can expect lower costs as soon as the Iran war ends.
On Sunday, US Energy Secretary Chris Wright told CNN that while gasoline below $3 a gallon "could happen later this year, that might not happen until next year.”
"I think he's wrong on that. Totally wrong," Trump told a reporter from The Hill, adding that prices are expected to come down "as soon as this ends."
While Wright, also on CNN, agreed that "with the resolution of this conflict, you’ll see prices go down," no clear end is in sight.
A fragile ceasefire is set to expire shortly and the chances another round of peace talks succeeding are unclear.
Trump and his fellow Republicans are under pressure ahead of November's midterm elections after pledging to lower costs.
With months left to go, US gasoline prices remain high, inflation is rising and Trump's approval ratings are down.
The average price for a gallon of regular gas on Monday was $4.04, according to an estimate by AAA, compared to $3.15 a year ago.
Oil prices rose 5% globally on Monday. Iran has shuttered the Strait of Hormuz, a key shipping channel, as the war that started with the US and Israel launching strikes Iran on February 28 reaches the two-month mark. Trump had said the military campaign would last four to six weeks.
Rising fuel prices have triggered higher prices nationwide on a range of goods and services, from airline tickets and housing to fertilizer and groceries.
Trump himself has said gas prices may stay high until November but has sought to brush off concerns.
Treasury Secretary Scott Bessent last week predicted they would fall to the $3 per gallon range this summer.
