U.S. Energy Secretary Chris Wright said on Sunday that he believes U.S. gasoline prices have peaked. But added they could remain above $3 a gallon until 2027.
That view is not shared uniformly across the administration. Treasury Secretary Scott Bessent said last week that gasoline could return to the $3 range this summer, while President Donald Trump has suggested elevated prices could persist until November.
According to AAA, the national average for a gallon of regular petrol stood at about $4.05 on April 19, 2026, up from $3.16 a year earlier.
California’s gasoline inventories have fallen to record lows, and motorists there were paying an average of $5.86 a gallon, the highest in the U.S.
California is especially vulnerable to price shocks because it is isolated from the nation’s fuel pipeline network, forcing it to rely in part on imports from Asia, where refiners process Middle Eastern crude into gasoline.
For the exact date and time of major economic events, import the BlackBull Markets Economic Calendar to receive alerts directly in your email inbox.
Trading involves risk and may not be suitable for all investors. The information provided in this article is for educational purposes only and does not constitute financial advice. Always conduct thorough research and seek professional advice before making any investment decisions.
