Gas prices may stay high

U.S. consumers are facing a prolonged period of high fuel costs as Energy Secretary Chris Wright acknowledges that gas prices have likely peaked but will remain elevated.

While some officials previously suggested relief by summer, the reality of the Iran war has forced a reassessment of the energy outlook.

The closure of the Strait of Hormuz continues to disrupt global supply chains, impacting everything from transport costs to fertilizer production.

Republicans are concerned the spike in prices at the pump could negatively impact their performance in the upcoming midterm elections.