US energy secretary says gasoline prices likely peaked last week

US Energy Secretary Chris Wright said Tuesday that gasoline prices in the US likely peaked about a week ago, signaling possible relief after a sharp increase linked to the war with Iran.

“It looks like they peaked about a week or so ago,” Wright said in response to a question during testimony before a Senate panel.

Retail gasoline prices have risen by more than $1 per gallon since the war began Feb. 28, reaching a high of $4.17 per gallon on April 8, according to the American Automobile Association.

Prices averaged $4.02 per gallon for regular gasoline Monday, compared with less than $3 per gallon before the conflict began, he said.

Wright also noted that gasoline prices remain below the record average of $5.02 per gallon reached in June 2022 following Russia’s invasion of Ukraine.

His remarks came after he said in a CNN interview Sunday that US gasoline prices could remain at $3 per gallon or higher until next year.

Asked during the Senate hearing whether he still stood by that assessment, Wright said: “I don’t know the future of energy prices, often I will speculate or look at those things.”