The US energy secretary, Chris Wright, has acknowledged that American motorists may have to wait until 2027 before petrol prices drop back under $3 per gallon. In an interview with CNN's State of the Union, Mr Wright said he did not know when prices would fall that low, adding that it could happen later this year or next year, but he did not rule out 2027.
Average petrol prices in the US have soared above $4 per gallon following the outbreak of war with Iran, which saw the Strait of Hormuz closed twice and a subsequent US naval blockade of Iranian ships. Mr Wright claimed that prices had likely peaked and would begin to decline, particularly if the conflict ended.
President Donald Trump campaigned on promises to lower petrol prices below $2 per gallon, but the current conflict has pushed them far higher. An NBC poll released on Sunday indicated that 67 to 68 per cent of Americans disapproved of Mr Trump's handling of the war and the cost of living.
Mr Wright's latest comments mark a shift from earlier statements. In a 15 March interview, he said there was a 'very good chance' petrol would fall below $3 by summer, and on 8 March he predicted that price surges would last only weeks, not months.
