US Energy Secretary Chris Wright announced on CNN on 19/4 that gas prices dropping below 3 USD a gallon "could happen by the end of this year, or next year. Prices have likely peaked and are starting to fall." He affirmed that "prices will certainly decrease once the conflict is resolved."

Gas prices in the US surged after conflict erupted in the Middle East. The average price on 19/4 was 4,05 USD a gallon (1,07 USD a liter), according to the American Automobile Association (AAA). In the same period last year, this figure was only 3,16 USD.

This situation is pressuring US President Donald Trump ahead of the November midterm elections, Reuters reported. The Republican Party is working to defend its majority in the US House and Senate.

Americans fueling up at a gas station in Beverly Hills, California, on 3/3. *Photo: AP*

Officials within the Trump administration hold different views on gas price forecasts. Last week, US Treasury Secretary Scott Bessent predicted prices would hover around 3 USD a gallon this summer. Meanwhile, Trump maintained that prices would remain high until November.

However, all officials share the forecast that prices will be cheaper once the conflict ends. Wright commented, "Below 3 USD a gallon is a very low level when adjusted for inflation. We will certainly return to that level."

The conflict's impact on oil transportation has also led airlines to warn of potential fuel shortages. US Transportation Secretary Sean Duffy indicated that jet fuel supplies will become more abundant as tensions with Iran ease.

"There are minor disruptions, hopefully short-term," Duffy said. "But long-term, American travel costs will decrease due to lower jet fuel prices."

The ceasefire agreement between the US and Iran is expected to expire this week, amid signs of escalating Middle East tensions in recent days. Yesterday, Trump accused Iran of a violation by attacking ships in the Strait of Hormuz over the weekend.

US officials are expected to arrive in Pakistan on 20/4 to continue negotiations. Trump warned, "We have offered a very fair and reasonable deal, and I hope they will accept it. If not, the US will destroy every power plant and bridge in Iran."

Ha Thu (Reuters, CNN)