Global Economy — 2026-04-19
US Energy Secretary says gas prices unlikely to fall below $3 until 2027 as Hormuz disruption persists
Energy Secretary
Analysis
Wright's on-camera acknowledgment that sub-$3 gasoline may not return until 2027 converts analyst consensus into an administration concession, hardening the midterm exposure the NBC/SurveyMonkey poll (37% approval, 68% economic disapproval) already flagged. His explicit linkage of the price floor to Hormuz status, not domestic output, signals Washington cannot rebuild pre-war price levels unilaterally, a five-week confirmation that Trump's March ultimatum produced no quick reopening. That constraint very likely tightens the administration's incentive to accept an imperfect Iran deal within the next 60 days, before early-voting windows open in key Senate races. Wright may instead be managing down expectations to cushion against worse outcomes, with prices softening faster if any de-escalation signal emerges from the Islamabad session, but the political calendar makes a face-saving framework the more probable near-term move.
Wright's on-camera acknowledgment that sub-$3 gasoline may not return until 2027 converts analyst consensus into an administration concession, hardening the midterm exposure the NBC/SurveyMonkey poll (37% approval, 68% economic disapproval) already flagged. His explicit linkage of the price floor to Hormuz status, not domestic output, signals Washington cannot rebuild pre-war price levels unilaterally, a five-week confirmation that Trump's March ultimatum produced no quick reopening. That constraint very likely tightens the administration's incentive to accept an imperfect Iran deal within the next 60 days, before early-voting windows open in key Senate races. Wright may instead be managing down expectations to cushion against worse outcomes, with prices softening faster if any de-escalation signal emerges from the Islamabad session, but the political calendar makes a face-saving framework the more probable near-term move.