Energy Secretary Chris Wright says gas prices may not drop below $3 until next year

Energy Secretary Chris Wright on Sunday said gas prices may not drop below $3 until next year, as the U.S. war with Iran and closure of the Strait of Hormuz continue to wreak havoc on energy markets. "I don't know, that could happen later this year, that might not happen until next year, but prices have likely peaked," Wright said on CNN's "State of the Union" when asked when prices at the pump will return to pre-war figures. "Certainly with a resolution of this conflict, energy prices will go down." Wright added that "under $3 a gallon is pretty tremendous in inflation-adjusted terms. We had that in the Trump administration, but we hadn't seen that in inflation-adjusted terms for quite a long time. We'll get back there for sure." Gas prices have spiked since the U.S. launched the war with Iran. Tehran has largely locked up the Strait of Hormuz since the war broke out, a critical shipping channel that carries about a fifth of the world's oil.