Trending Now - Rising Fuel Costs Hit Farmers Amid Ongoing Oil Supply Crisis

WHO:

CBS News - Energy Secretary Chris Wright

CNBC - Chris Wright, U.S. Energy Secretary

WHAT:

CBS News - Gas prices for regular unleaded average $4.05 per gallon and diesel prices average $5.61 per gallon.

CNBC - Chris Wright stated that gas prices may not drop below $3 per gallon until 2027.

CNBC - Wright mentioned that prices have likely peaked and that a resolution of the conflict would lead to lower energy prices.

CNBC - Regular unleaded gas was $2.90 per gallon on February 1st, 2026, and has increased to approximately $4.04 per gallon since the war began.

WHERE:

CNBC - The U.S. and the Strait of Hormuz, a critical shipping channel for oil.

WHEN:

CBS News - The war with Iran began on February 28th, 2026.

CNBC - Chris Wright appeared before a House Appropriations Subcommittee on Energy hearing on April 15th, 2026.

WHY:

CNBC - The ongoing war with Iran and the closure of the Strait of Hormuz are disrupting oil shipments and affecting energy markets.

HOW:

CNBC - The conflict has led to significant increases in gas prices due to supply chain disruptions.

(UPDATED April 20, 2026 04:05 UTC)

Gas prices for regular unleaded fuel have surged to an average of $4.05 per gallon, while diesel prices are at $5.61, according to U.S. Energy Secretary Chris Wright. He indicated that prices may not fall below $3 per gallon until 2027, attributing the current spike to the ongoing war with Iran and disruptions in the Strait of Hormuz, a vital oil shipping channel. Since the conflict began February 28th, regular unleaded gas has risen from $2.90 per gallon to its current level, reflecting the significant impact of supply chain disruptions on energy markets.