Treasury Secretary Scott Bessent has cautioned gasoline retailers that the Trump administration is closely monitoring fuel prices and expects them to reflect a recent decrease in crude oil costs. His remarks were made during an appearance on “Fox & Friends,” following President Donald Trump’s call for gas stations to lower prices to approximately $2.50 per gallon, responding to declining crude oil prices.
Bessent urged retailers to act responsibly, particularly in the context of America’s 250th anniversary. He emphasised that their actions would be under scrutiny. “I would encourage them to be good actors,” he stated.
Gas prices had surged amid the ongoing conflict between Israel and Iran, although they have since begun to recede. As of June 29, the AAA national average for regular petrol was recorded at $3.860 per gallon, a decrease from $4.391 a month prior, yet still surpassing the previous year’s average of $3.187.
Consumers, along with numerous businesses, are feeling the pressure of higher fuel expenses. Some small business owners in California have reported struggling to keep their operations afloat. Nevertheless, Bessent assured that his department would hold gasoline retailers accountable to ensure any savings from lower crude oil prices are passed on to consumers.
President Trump, via Truth Social, insisted that gasoline retailers must immediately lower prices, highlighting that crude oil is priced at $68 a barrel and expected to drop further. He warned of significant repercussions if retailers do not comply with this guidance.
Bessent remarked that retailers have traditionally profited during periods of elevated oil prices and asserted that it is now their responsibility to provide relief for American consumers. “Now it’s time to do something for the American people,” he concluded.
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