Secretary of Energy Chris Wright told CNN on Sunday that U.S. gasoline prices have probably peaked but may remain elevated for months, a sharp reversal of President Trump’s earlier promise of a “short‑term” spike. The AAA reports the national average sits at $4.05 per gallon, up from $2.98 before the February conflict. This level threatens discretionary spending across sectors and could delay auto industry inventory rebuilds.

The surge follows Iran’s retaliation against U.S. and Israeli airstrikes, which has choked traffic through the Strait of Hormuz, a chokepoint handling roughly a third of global oil shipments. With tanker flows far below normal and damaged regional production, crude prices have jumped, feeding the pump shock that now dominates the domestic political narrative. The uncertainty also pressures refiners to hedge against further volatility.

Republicans, already nervous about the November midterms, face mounting criticism as Democrats accuse the administration of lacking a plan to bring prices down. Analysts warn that until shipping normalizes and regional output recovers, gasoline may not dip below $3 per gallon until 2027, keeping consumer spending under pressure. Energy traders are pricing the risk into futures, further inflating pump costs.