Wright said prices could fall below $3 per gallon later this year, though next year appears more likely.
He emphasized that current levels likely mark a peak, with gradual declines expected as supply conditions improve.
Officials across the administration present mixed timelines, reflecting uncertainty around near-term price movements.
Treasury Secretary Scott Bessent recently projected prices could approach $3 per gallon as early as summer.
Wright highlighted that sub-$3 fuel would represent strong value in inflation-adjusted terms for consumers nationwide.
AAA data shows average gasoline prices at $4.05 per gallon, significantly higher than $3.16 a year earlier.
Supply disruptions have also influenced aviation fuel markets, raising concerns over short-term availability and pricing.
Officials expect improving supply conditions to ease costs over time, supporting more affordable travel and energy expenses.
