The fragile Iran-war ceasefire has been extended indefinitely, but consumers still await relief at the pump as oil prices continue to trade above pre-war levels. Recently, U.S. Secretary of the Treasury Scott Bessent remarked that he was “optimistic that sometime between June 20 and Sept. 20 […] we can have $3 gas again.” This has raised the belief that oil prices are set to cool down. However, U.S. Secretary of Energy Chris Wright doesn't quite agree.
In a recent CNN interview, Wright acknowledged that oil prices may have peaked, but he remained of the opinion that gas prices below $3 per gallon do not seem to be a reality in the near future. “I don’t know — that could happen later this year, that might not happen until next year,” said Wright.
