Energy Secretary Chris Wright has declined to rule out the average price of petrol in the United States reaching $5 per gallon, as the conflict with Iran continues to drive up fuel costs ahead of the summer travel season.
The average price stood at $4.52 per gallon on Sunday, according to the American Automobile Association (AAA), up from $2.98 before the war began in late February and $3.13 in mid-May 2025. The price surge follows President Donald Trump's military attacks on Iran and the subsequent Iranian closure of the Strait of Hormuz, through which 20 per cent of global oil passes.
Speaking on NBC's Meet the Press, Wright said: 'I'm just avoiding price predictions. Gasoline and diesel prices are up, and they will remain up while this conflict's in place, and then they will come back down.' He added that prices would eventually fall lower than before the conflict. The energy secretary had previously said in April that high prices would last 'only a few weeks.'
An analysis from JP Morgan warned on Friday that petrol prices were at risk of crossing the $5 average later this summer as travel increases. Several states with higher fuel taxes, including California, Oregon and Washington, have already seen averages above $5, with California reaching $6.15 per gallon.
Wright confirmed that pausing the federal gasoline tax is under consideration, saying: 'We're open to all ideas, everything has trade-offs, all ideas to lower prices for American consumers and American businesses.' The Trump administration continues negotiations with Iran over the strait, mediated by Pakistan. Wright warned on CBS's Face the Nation that if talks fail, the US would resume military efforts to open the strait.
