President Donald Trump believes gas prices will go down a lot sooner than Energy Secretary Chris Wright said.
On Sunday, Wright told CNN may not drop to under $3 until 2027 as shipping restrictions continue in the Strait of Hormuz.
“I don’t know. That could happen later this year. That might not happen until next year,” Wright said.
“But prices have likely peaked and they will start going down,” he added.
“Certainly, with a resolution of this conflict, you will see prices go down. Prices across the board on energy prices will go down.”
Trump disagreed with Wright’s assessment while talking with The HillMonday morning.
“No, I think he’s wrong on that. Totally wrong,” Trump said when asked about his energy chief’s comments.
Trump added gas prices will drop “as soon as this ends,” referring to the Iran war.
Treasury Secretary Scott Bessent predicted last week gas prices could hit the $3 range this summer.
The global oil industry has been affected by Iran’s restrictions on shipping through the Strait of Hormuz. Gas prices in the U.S. have risen to more than $4 for the first time since 2022.
According to AAA, the average price of gas in the U.S. was $4 Monday morning.
Oil prices surged following the U.S. seizure of an Iranian vessel near the Strait of Hormuz on Sunday.
Brent crude, the international benchmark for oil, was around $94 a barrel Monday, while West Texas Intermediate, the U.S. benchmark, was at about $88 per barrel.
The U.S. has been enforcing a blockade on all Iranian ports. Reuters reported Monday that Pakistan’s Army Chief Asim Munir told Trump the U.S. blockade on Iranian ports is a hurdle in negotiations. Trump said he would consider Munir’s advice.
When asked about the report, Trump said Munir “didn’t recommend anything on the blockade.”
“The blockade is very powerful, very strong. They lose $500 million a day with the blockade up,” Trump said, referring to Iran. “We control it. They don’t control it.”
Vice President JD Vance is expected to lead the U.S. delegation to Islamabad to meet with Pakistani and Iranian negotiators.
Iran’s Foreign Ministry said Monday that “no decision” has been made on whether to hold talks with the U.S.
