President Trump delivered a rare public rebuke of his own Energy Secretary Chris Wright, telling The Hill that Wright is 'totally wrong' on gas prices. According to reports from The Hill's Julia Manchester, Trump insisted that gas prices will fall below $3 per gallon 'as soon as this ends,' referring directly to the war with Iran. This contradiction came after Wright told CNN's Jake Tapper on Sunday that sub-three-dollar gas 'might not happen until next year.' Wright attempted to soften his pessimistic forecast by invoking Trump's first-term record, stating 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.' However, Trump rejected this assessment entirely, flatly stating to The Hill: 'No, I think he's wrong on that. Totally wrong.'
The dispute highlights a fundamental tension between economic reality and political messaging. As reported by The Washington Examiner, Wright's comment was economically honest, as the Strait of Hormuz has been effectively closed since late February, with Brent crude trading above $94 on Monday. A 2027 timeline for meaningful price relief reflects current market signals, but politically, it contradicts the administration's broader messaging that war costs would be short-lived. The current reality undermines both officials' optimism, with AAA data showing the average US gas price at $4.04 per gallon as of Monday morning, well above the $3 threshold Wright referenced as a near-term goal and far from the 'tremendous' sub-$3 pricing either official promised. An NBC poll published on Sunday found that a wide majority of Americans feel that higher gas prices are eating into their financial livelihoods, with 51% describing fuel costs as either a financial hardship or difficult to manage according to CBS News polling.
The war's impact on energy costs is substantial, with California gas prices exceeding $5 per gallon in March when crude hit its war peak above $114 per barrel. According to The Washington Examiner, before the war, Brent crude traded below $75 per barrel, while Monday's trading above $94 represents a roughly $20 gap that flows directly into wholesale gasoline, diesel, and transportation-dependent consumer goods. The current level remains substantially higher than pre-war baselines that voters remember, creating a significant political challenge for the administration. Oil prices climbed more than 5% on Monday as tensions between the U.S. and Iran flared up again, with the international benchmark Brent crude topping $95 and the U.S. benchmark soaring to almost $88. The recent spike is linked to tightening global oil supply conditions and disruptions in key shipping routes connected to Middle East tensions.
The closure of the Strait of Hormuz has sent a massive supply shock through the global oil economy, with prices initially surging past $100 per barrel before backing off last week. As reported by The Hill, the vital passageway off Iran's coast has been effectively closed to tankers not flagged to Iran or its allies since the war began, with mines and small vessels continuing to harass boats attempting to ford the narrow passage. A statement purporting to be from Iran's Revolutionary Guard was posted Sunday by the government's embassy in Hyderabad, India, claiming that closure would continue until the U.S. naval blockade of Iranian ports was lifted. A cargo ship in the strait was photographed on Monday, highlighting the ongoing disruption to global oil shipping trade. The U.S. also seized an Iranian-flagged cargo ship after attempting to bypass the blockade in the Gulf of Oman, while Iran rejected claims from Foreign Minister Abbas Araghchi about the Strait of Hormuz being open throughout the duration of the ceasefire and fired at vessels attempting to cross.
The gas price dispute reflects broader macro tensions affecting both energy and crypto markets. As reported by The Washington Examiner, elevated crude prices directly suppress Federal Reserve rate cut expectations, which is a key macro tailwind for institutional Bitcoin demand. Every week oil holds above $90 extends the period without this tailwind. A genuine ceasefire deal that reopens Hormuz would drive oil toward the pre-war $65 to $75 range, remove inflation ceilings on Fed policy, and potentially create conditions analysts associate with Bitcoin recovering toward $100,000. The White House has pointed out that gas prices reached a high of $4 per gallon as recently as 2022, during the Biden administration, as a result of a post-Covid demand surge, attempting to frame current increases as temporary economic pain for foreign policy objectives. However, Trump's approval rating has reached a new low amid the prolonged conflict, with an NBC News–Decision Desk poll released Sunday finding that only 37% of adults approve of Trump's job as president while 63% disapprove, and 54% strongly disapprove of his handling of the Iran war.
