![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/04\/GettyImages-2271648714-e1776718764123.jpg?w=2048\")
<\/p>\n<\/p>\n
After U.S. gas prices soared to over $4 a gallon this month, Americans are cautiously exhaling a long-held breath that they\u2019ve been holding for weeks since the Iran war began.\u00a0\u00a0<\/p>\n
But Energy Secretary Chris Wright says it may be quite some time before Americans see any price reduction at the gas pump.<\/p>\n
\u201cThat could happen later this year. That might not happen until next week, but prices have likely peaked,\u201d Wright said on CNN\u2019s \u201cState of the Union\u201d on Sunday.<\/p>\n
\u201cCertainly, with a resolution of this conflict, you will see prices go down. Prices across the board on energy prices will go down.\u201d<\/p>\n
President Donald Trump, however, disagrees with Wright\u2019s timeline.\u00a0<\/p>\n
\u201cNo, I think he\u2019s wrong on that,\u201d President Trump told The Hill on Monday. \u201cTotally wrong.\u201d He said gas prices will drop \u201cas soon as this ends,\u201d referring to the war, now entering its seventh week. Traffic through the Strait of Hormuz, where usually 20% of the world\u2019s oil and liquified natural gas supplies would pass through, has virtually come to a standstill since the war began.<\/p>\n
Trump\u2019s comments on Monday seem to completely contradict his previous claims just over a week ago, in which he warned gas prices could stay the same or even increase by the midterm elections come November.<\/p>\n
Wright says the war\u2019s end is in sight\u00a0<\/p>\n
Since the war began, average gas prices have increased by more than $1 per gallon. They reached a peak average of $4.17 per gallon on April 9, the highest since the war began on Feb. 28 when Israeli and U.S. launched coordinated attacks on Iran. On Monday, when Trump made those comments, the average price for a gallon of regular gas was $4.04, compared to $3.15 a year ago, according to \u2060AAA.\u00a0<\/p>\n
About half of American adults say that gas prices are a \u201cfinancial hardship\u201d or \u201cdifficult,\u201d according to a recent CBS News\/YouGov Poll released on April 12 that surveyed 2,387 adults across the country.<\/p>\n
Although Wright said either this or next week would be \u201ca reasonable timeframe\u201d for the war to end, it would require \u201ca defanged and de-armed Iran.\u201d He said that prices under $3 a gallon would be \u201cpretty tremendous in inflation-adjusted terms,\u201d but added, \u201cwe\u2019ll get back there for sure.\u201d\u00a0<\/p>\n
The war appeared to reach a tipping point on April 7, when Trump said if Iran did not capitulate, a \u201cwhole civilization will die tonight.\u201d That evening, the U.S. and Iran agreed to a two-week ceasefire and began peace talks.\u00a0<\/p>\n
The ceasefire\u2014which has been mired by a U.S. blockade of Iranian ports\u2014is set to end on Wednesday, Trump said. Vice President JD Vance is expected to return to Islamabad, Pakistan on Tuesday to meet with Iranian officials after the most recent peace talks stalled without a deal.\u00a0<\/p>\n
Energy crisis around the world<\/p>\n
Although gas prices remain high for American consumers, Asian and European nations are fairing far worse, with depleting oil reserves forcing some life-altering measures.\u00a0<\/p>\n
During a recent G20 meeting on April 16, Wright told CNN that bankers from around the world were \u201cbasically making pleas\u201d to avoid reimposing sanctions on Russia after lifting them in March. \u201cIt\u2019s to lower the price of energy in Asia and Europe.\u201d\u00a0\u00a0<\/p>\n
The U.S. has imposed sanctions on Russia oil since March 2022, after the country invaded Ukraine in February of that year. Although many countries feared secondary sanctions from the U.S. for buying oil from Russia, which produces about 11% of the world\u2019s supply, Russian oil has become a necessary import for countries such as Brazil, Singapore, and those in the European Union, following the conflict in Iran.<\/p>\n
On Friday, the U.S. extended the waiver<\/p>\n
Once the war ends, the U.S. will be quick to reimpose sanctions on Russian oil, Wright said.<\/p>\n
Europe has \u201cmaybe six weeks or so (of) jet fuel left,\u201d the head of the International Energy Agency said last week. As a result, the European Commission has called on people to drive and fly less, as well as work from home.\u00a0<\/p>\n
Many Asian countries are making even larger sacrifices. Filipino President Ferdinand Marcos Jr. declared a year-long state of emergency on March 24, as the country only had enough fuel to last about 45 days. The country has since received shipments of Russian crude oil and has a gasoline supply to last 54 days as of Monday.<\/p>\n
Thailand has ordered civil servants to work from home and take the stairs over elevators until the crisis is over. Many countries have instituted a four-day week for schools and government workers.\u00a0<\/p>\n
#U.S #Energy #Sec #gas #prices #wont #Trump #hes #totally #wrong<\/p>\n","protected":false},"excerpt":{"rendered":"
After U.S. gas prices soared to over $4 a gallon this month, Americans are cautiously…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[245],"tags":[518,526,2626,419,1826,1976,376,420,5211,2315,721,722,452,361],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/4423"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4423"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/4423\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}