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Trump energy secretary says gas prices might not drop back under $3 a gallon until 2027 (www.theguardian.com)
submitted 5 months ago by to c/politics@lemmy.world
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Chris Wright says ‘I don’t know’ when asked about lower cost of gas as average price soars to $4 a gallon in US

Chris Wright, the Trump administration’s energy secretary, acknowledged Sunday that it might not be until 2027 before US gas prices come back under $3 a gallon.

Asked by Jake Tapper, the CNN State of the Union host, when he thought “it’s realistic for Americans to expect the gas will go back to under $3 a gallon”, Wright replied: “I don’t know. That could happen later this year. That might not happen until next year.”

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[–] 11 points 5 months ago (1 child)

There's been so much inflation that $3/gallon would be really cheap, even for gasoline in the US, by the standards of the last 20 years or so. A very arbitrary number to get stuck on.

US Average Gasoline Price Adjusted for Inflation

$4/gallon just isn't that high, not much out of line with the last ~15 years.

I think higher fuel prices could be the impetus for quite a lot of alternative energy, alternative transport, and electrification investment. I think if you believe that free markets work, you'd really have to agree.

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