Energy Secretary Chris Wright has stated that gas prices may not drop below $3 per gallon until next year due to Iran's restrictions on shipping through the Strait of Hormuz. This comes as the global oil industry has been rocked by Iran’s restricted shipping, with gas prices rising above $4 for the first time since 2022 after the Russian invasion of Ukraine. Despite this, Wright remains confident that prices will eventually return to pre-conflict levels. The average price of a gallon of regular gas is more than $4.04 as of Sunday, more than eight cents less than a week ago but over $0.89 higher than a year ago.