U.S. News
Gas Prices Could Stay High Much Longer
Clear Facts
- Treasury Secretary Scott Bessent estimates gasoline prices may not return to levels below 3 dollars until late September.
- Gas costs surged after the February naval blockade of the Strait of Hormuz during Operation Epic Fury.
- Market data shows average gas prices climbed from 2.98 dollars to 4.11 dollars since the conflict began.
Treasury Secretary Scott Bessent provided a timeline for relief at the pump during a briefing on Wednesday.
He said crude prices have dropped recently, but consumers may wait months for retail costs to follow.
“I’m optimistic that during the summer we will see gas with a 3 in front of it sooner rather than later,” Bessent stated regarding the projected price shift.
The Secretary noted that Middle Eastern counterparts can resume oil production within one week of reopening the Straits.
However, current prices remain significantly higher than the levels seen before the Iran conflict began.
“Again, I’m optimistic that sometime between June 20th and September 20th that we can have $3 gas again and as I said this morning, too, we are going to be watching the gas stations because they raised prices very quickly when the stated when the crude oil prices went up,” Bessent said.
Domestic energy analysts warn that the recovery could be slow due to lasting damage to global infrastructure.
Some experts suggest that prices may remain permanently higher than pre-February benchmarks despite administrative efforts.
“So much damage has been done now to infrastructure and global flows of oil that it’s baked into the cake,” energy analyst David Blackmon explained.
The Trump administration continues to support domestic fossil fuel production to counter the inflation and supply limits seen during the previous administration.
Relief now depends on the full restoration of trade through vital maritime corridors.
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