U.S. Energy Secretary Predicts Gas Prices Below $3 Unlikely Until 2027 Amid Iran Tensions
Here's what it means for you.
Rising gas prices could impact your budget and business expenses for the foreseeable future.
What happened
U.S. Energy Secretary Chris Wright announced that gas prices below $3 per gallon are unlikely until 2027 due to ongoing tensions in the Strait of Hormuz.
The Context
- Ongoing Conflict: The U.S.-Iran conflict, which escalated in February 2026, has led to Iranian restrictions on the Strait of Hormuz, a vital oil transit route.
- Price Surge: Gas prices have risen sharply, averaging $4.06 per gallon, up $0.90 year-over-year, affecting consumer costs and inflation.
- Market Predictions: Analysts expect elevated gas prices to persist, with forecasts averaging $3.70+ through late 2026 and into 2027.
The Number
— This is the national average price per gallon of regular gasoline as of April 18, 2026, reflecting a significant increase that could strain your financial planning.
Takeaway
Expect continued volatility in gas prices, which may influence your commuting costs and overall economic conditions.
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