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4h ago

Energy Chief Says Sub-$3 Gas May Be Distant as Hormuz Crisis Keeps Prices High

AAA pegs the U.S. average near $4, with new Hormuz flashpoints keeping oil jumpy.

In an aerial view, snow on the San Gabriel Mountains is visible in the distance as houses are constructed at the massive massive 9,000-acre master-planned Silverwood community project on February 23, 2026 in the Summit Valley area of Hesperia, California.
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Overview

  • Energy Secretary Chris Wright said on Sunday that sub-$3 gas may not return until next year or 2027, and President Trump on Monday called that view "totally wrong."
  • U.S. pump prices hover near $4.04 per gallon, and oil jumped after reports that U.S. forces seized an Iranian-flagged ship and Iran fired on a French vessel as a fragile ceasefire faces a Tuesday deadline.
  • Canada’s temporary pause on federal gasoline and diesel excise taxes took effect Monday, cutting prices by about 10 cents per litre for gas and 4 cents for diesel through Labour Day.
  • UK motoring groups say retailers have been slow to pass on lower wholesale costs, with RAC and AA urging faster cuts as average petrol holds near 158p a litre and diesel around 191p.
  • The Strait of Hormuz carries about one-fifth of seaborne oil, and economists say the unresolved risk has lifted gasoline futures into 2027 and driven up shipping insurance and delivery costs, which can delay relief at the pump.