Gas Prices Won't Drop Below $3 Until 2025, Energy Secretary Wright Says
Energy Secretary Chris Wright said gas prices likely won't drop below $3 per gallon until next year. He walked back his earlier prediction that prices could fall below $3 by summer. Gas prices are averaging more than $4 per gallon nationwide right now.
Energy Secretary Chris Wright changed his tune on when gas prices will get cheaper. He now says prices likely won't drop below $3 per gallon until next year.
In mid-March, Wright told NBC News there was "a very good chance" gas prices could drop below $3 by summer. But at a recent economic summit, he walked back that timeline.
Gas prices are currently averaging more than $4 per gallon across the U.S. That's a massive spike from just months ago when prices were much lower.
Government energy projections paint an even gloomier picture. The Energy Information Administration doesn't expect gas prices to fall below $3 per gallon at any point between now and the end of 2027. However, the agency warns its forecasts could change in either direction.
Other Trump administration officials have said gas prices will return to normal "in a few more weeks," but Treasury Chief Bessent has warned the $3 target may not hit until September at the earliest.
Higher gas prices mean you'll keep paying more to fill up your car and drive to work. Every extra dollar per gallon costs the average driver about $15 more per tank. This affects everything from grocery delivery costs to vacation planning.
Watch for updated government energy forecasts and whether gas prices start dropping by summer as originally predicted.
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