Energy Secretary Chris Wright said Sunday that gasoline prices appear to have reached their high point about a week ago and are expected to gradually fall in the coming weeks as the conflict with Iran winds down.

Speaking on CNN’s “State of the Union,” Wright pointed to the broader geopolitical developments, saying, “Putting this 47-year conflict to an end and preventing Iran from getting nuclear weapons, of course, has come with short-term disruption. I think we’ve managed it fantastically, though.”

He emphasized the scale of the disruption while noting the relative stability of prices, adding, “Here we are in the middle of the largest interruption in [the] flow of energy ever, and gasoline prices peaked a week ago, about a dollar below the peak during the Biden administration.”

Wright cautioned, however, that it may take time before prices return to lower levels seen earlier this year, suggesting that a drop below $3 per gallon may not occur until next year. He noted that such pricing, especially when adjusted for inflation, would represent a significant benchmark.

According to the latest figures from the American Automobile Association, the national average for gasoline currently stands at $4.04 per gallon.

When asked about the timeline for further declines, Wright said, “That might not happen until next year, but prices have likely peaked, and they’ll start going down,” adding, “Certainly, with a resolution of this conflict, you’ll see prices go down.”

{Matzav.com}