-- US gasoline prices likely peaked about a week ago and may remain at or above $3 per gallon into next year, US Energy Secretary Chris Wright said during a testimony before a Senate committee on Tuesday.
Wright said fuel prices appear to have reached a recent high, stating, "It looks like they peaked about a week or so ago," during the testimony.
Retail gasoline prices have jumped over $1/gal since the Iran conflict began in late February, highlighting sharp pressure on US consumers.
Prices climbed to a peak of $4.17/gal on April 8 before easing slightly, reflecting volatility tied to geopolitical developments.
As of Monday, average gasoline prices stood at $4.02/gal, compared with levels below $3/gal prior to the conflict involving Iran, Bloomberg reported, citing data from the American Automobile Association.
Wright said current fuel prices are still well below the $5.02/gal peak seen in June 2022 after Russia's invasion of Ukraine.
In a CNN interview Sunday, Wright said gasoline prices are likely to remain at or above $3/gal through next year, a view President Donald Trump disagreed with in an interview with The Hill.
On whether he still stands by that outlook, Wright reportedly said, "I don't know the future of energy prices, often I will speculate or look at those things."