US Gas Prices May Not Fall Below $3 Until 2027
Average gasoline prices in the US are currently around $4.05 per gallon, nearly $1 above last year's $3.16. Energy Secretary Chris Wright stated that prices may not drop below $3 until next year or possibly 2027. The recent conflict involving the US and Iran has contributed to rising fuel costs, which 51% of adults describe as a financial hardship. The US and Iran reached a ten-day ceasefire agreement last week, but tensions remain high. Wright noted that prices have likely peaked and could decrease with a resolution of the conflict. Meanwhile, airlines are warning of potential jet fuel shortages due to the ongoing situation. The Trump administration is preparing for prolonged elevated fuel costs as midterm elections approach.
Published 1 day ago • 20 Apr 2026, 05:57 AM IST