Trump Contradicts His Energy Secretary Over Claim That U.S. Prices May Not Dip Below $3 a Gallon This Year: ‘Totally Wrong’
President Donald Trump contradicted his energy secretary, Chris Wright, over his claim that gas prices in the U.S. might not dip back below $3 a gallon this year as the war in Iran drags on and oil prices remain high.
Wright made the remarks while speaking on CNN, saying he doesn’t know when prices will fall below the mentioned threshold. “That could happen later this year. That might not happen until next year,” Wright said. “But prices have likely peaked, and they’ll start going down,” he added.
Trump was asked about the remarks when talking to The Hill on Monday. He said Wright is “totally wrong.”
Gas prices in the U.S. reached $4.16 per gallon earlier this month before slipping to around $4.05, based on data from the AAA.
The recent spike is linked to tightening global oil supply conditions and disruptions in key shipping routes connected to Middle East tensions. Market instability surrounding the Iran conflict has added volatility to crude oil prices, a trend reflected in analysis from Reuters.
Pressure on households resulting from high prices remains significant. A majority of Americans report that gasoline prices are straining family budgets, with 51% describing fuel costs as either a financial hardship or difficult to manage, findings highlighted in polling covered by CBS News.
Oil prices are climbing up again on Monday as tensions between the U.S. and Iran flare up again and the Strait of Hormuz remains closed.
Prices gained more than 5% across the board, with the international benchmark, Brent crude, topped $95. The U.S. benchmark, in turn, soared to almost $88.
Oil had seen large declines on Friday after President Donald Trump made a series of remarks suggesting the end of the conflict was near and that Tehran had agreed to several of Washington’s demands, including giving up its nuclear stockpile.
However, Iran rejected this during the weekend. Moreover, forces rejected a claim from Foreign Minister Abbas Araghchi about the Strait of Hormuz being open throughout the duration of the ceasefire and fired at vessels attempting to cross.
The U.S. also said it is maintaining its blockade of the key waterway as well. And seized an Iranian-flagged cargo ship after attempting to bypass the blockade in the Gulf of Oman.
Trump also told Bloomberg on Monday that the Strait of Hormuz will continue to be blocked until a deal is reached. The remarks stand in contrast with a report claiming that Pakistan is looking to end the U.S.’s blockade of Iranian ports in the key waterway to bring Iran back to the negotiating table.
