Energy Secretary Testifies Gas Prices Have Peaked

U.S. Energy Secretary Chris Wright testified Tuesday that gasoline prices appeared to have peaked about a week earlier, following a surge tied to the ongoing war with Iran, marking a shift from his more cautious assessment just days prior. The remarks came during an appearance before the Senate Energy and Natural Resources Committee in Washington, amid heightened economic pressures from disruptions in global oil supplies.

Wright noted that the recent high point for regular gasoline was about $1 per gallon lower than the peak during the previous administration. "Gasoline prices, it looks like they peaked about a week or so ago," he said, adding that the United States was in the midst of resolving a 47-year conflict in the Middle East, a key energy-producing region. This contrasted with his comments on CNN the previous Sunday, when he suggested prices might not fall below $3 per gallon until next year due to persistent instability in oil flows.

The change in tone followed a public rebuke from President Donald Trump, who on Monday described Wright's earlier forecast as "totally wrong" in an interview with The Hill. Trump linked any price relief directly to the war's conclusion,...