Speaker Johnson Says Fuel Prices Will Drop Once Iran Tensions Cool

Key Details House Speaker Mike Johnson told reporters that elevated gas prices will decline as the Iran conflict stabilizes and the Strait of Hormuz reopens. Johnson predicted the shipping route would reopen within weeks, allowing prices to return to normal levels. The recent spike stems from supply disruptions caused by the geopolitical tension. Why It Matters Trucking operators face significant margin pressure from fuel surcharges tied to elevated prices. Political pressure is mounting in Congress for relief measures, with both Democrats and Republicans calling for action on energy costs. The Biden administration announced plans to release 172 million barrels from the Strategic Petroleum Reserve to help stabilize prices. What's Next Senate Democrats, led by Chuck Schumer, are demanding clarity on U.S. strategy in Iran and specific administration plans to lower fuel costs. Congress reconvenes the week of March 16 with DHS funding negotiations ongoing. The Trump administration has released limited details on its approach to managing energy markets during the conflict.