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US Says Gasoline Prices May Have Topped Out Amid Iran War Impact
(MENAFN) US Energy Secretary Chris Wright said Tuesday that gasoline prices in the United States likely reached their highest point about a week ago, suggesting that drivers may soon see some relief following a recent spike tied to the conflict with Iran.
Speaking during testimony before a Senate committee, Wright said: “It looks like they peaked about a week or so ago,” in response to lawmakers’ questions about fuel costs.
He noted that retail fuel prices have climbed sharply since the war began on February 28, with increases of more than $1 per gallon. Prices peaked at $4.17 per gallon on April 8, according to data from the American Automobile Association.
By Monday, the national average stood at $4.02 per gallon for regular gasoline, compared with levels below $3 before the conflict started.
Wright also pointed out that, despite the recent surge, current prices remain lower than the historic peak of $5.02 per gallon recorded in June 2022 following Russia’s invasion of Ukraine.
His remarks contrasted with comments he made in an interview on Sunday, where he suggested that fuel prices could remain at $3 per gallon or higher well into next year. When questioned about that earlier forecast during the Senate hearing, he responded: “I don’t know the future of energy prices, often I will speculate or look at those things.”
Speaking during testimony before a Senate committee, Wright said: “It looks like they peaked about a week or so ago,” in response to lawmakers’ questions about fuel costs.
He noted that retail fuel prices have climbed sharply since the war began on February 28, with increases of more than $1 per gallon. Prices peaked at $4.17 per gallon on April 8, according to data from the American Automobile Association.
By Monday, the national average stood at $4.02 per gallon for regular gasoline, compared with levels below $3 before the conflict started.
Wright also pointed out that, despite the recent surge, current prices remain lower than the historic peak of $5.02 per gallon recorded in June 2022 following Russia’s invasion of Ukraine.
His remarks contrasted with comments he made in an interview on Sunday, where he suggested that fuel prices could remain at $3 per gallon or higher well into next year. When questioned about that earlier forecast during the Senate hearing, he responded: “I don’t know the future of energy prices, often I will speculate or look at those things.”
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