"In the worst case, this is a weeks, this is not a months thing. The Trump administration has been all in on lowering energy prices, and I would say quite successfully. We have seen a dramatic decline in gasoline prices, in diesel prices. Soon, you will see it in electricity prices as well."
"Gasoline today is still $1.50 a gallon cheaper than it was in the middle of the Biden administration. But you're right. We want it back below $3 a gallon. And it will be again before too long."
"Crude oil prices have spiked by more than 35 percent over the past week to more than $90 per barrel. U.S. gas prices have gone up by 14 percent in that span. Some analysts fear gas could soon top $5 per gallon."
Energy Secretary Chris Wright made a bold promise on CNN that even in worst-case scenarios, Americans will experience gas price increases for only weeks rather than months. This statement comes amid significant market volatility, with oil prices jumping 36 percent in one week—the largest spike since 1983—and gas prices rising 14 percent. Wright emphasized the Trump administration's focus on lowering energy prices, contrasting their approach with the Biden administration. He noted gasoline remains $1.50 cheaper than mid-Biden administration levels and expressed confidence prices will return below $3 per gallon soon. However, analysts warn prices could reach $5 per gallon, putting the administration's credibility on the line ahead of midterm elections.
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