Treasury Secretary says '$3 gas again' possible between June and September

U.S. Treasury Secretary Scott Bessent told Americans in a press conference on Wednesday that gas prices could fall to $3 a gallon. He said prices depend on negotiations with Iran, but was optimistic they would drop before September. When a reporter asked when to expect prices to drop, Bessent replied, "Well, I think that’s going to be up to negotiations (with Iran). President Trump said this morning that he thinks we are nearing the end."

Asserting that the U.S. has kept its side of the ceasefire and stopped firing, Bessent said that he's optimistic that this summer, "gas will have a $3 in front of it sooner rather than later." Bessent also said that he had been meeting with Finance Ministers from the Middle East in Washington, D.C., during Bank Week, who said they would be able to get "pumping again" within a week of the Strait being fully opened. When asked if gas prices would come down to $3 per gallon by Labour Day, the Treasury Secretary said that he was "optimistic that sometime between June 20 and September 20, we can have $3 gas again."

Bessent also cautioned gas stations against keeping inflated prices based on global oil concerns, saying that the administration will be keeping a close watch. "They raised prices very quickly when the crude oil prices went up. We hope they will bring them down just as quickly as crude oil prices will come down, which they have come down substantially just in the past 10 days," he said.

Bessent's comments, however, conflict with President Donald Trump's recent statement. In a Fox News interview, Trump was asked if oil and gas prices would fall before the midterms. He gave no clear answer and suggested prices might rise. "I hope so," Trump told Fox Business's Maria Bartiromo. "It could be the same or a little higher. It should be around the same; I think this war won't last much longer. They (Iran) are wiped out." Meanwhile, CNBC reported Brent Crude rose from $70 pre-war to $118 at March's end, now around $97.

The Trump administration had successfully brought down gas prices before the conflict began, and the national average currently stands at $4.12 per gallon. That is 14% higher than the price of gas a month ago. Some Americans have also reportedly cut down on driving since the price of gas crossed $4 per gallon.