US Treasury Secretary Scott Bessent issued a veiled warning to oil and gas companies on Tuesday, urging them to lower prices or face consequences. Speaking on Fox News, Bessent said, 'I would encourage them to be good actors, especially in the 250th anniversary, because we're watching.' His comments came a day after President Donald Trump ranted on social media about gas prices not dropping fast enough, demanding retailers target $2.50 a gallon.
Bessent Highlights Record Profits
In the interview, Bessent noted that oil companies were likely making 'record profits' and argued it was 'time to do something for the American people.' He addressed big oil, independent retailers, and international retailers directly, implying that the administration expects immediate price reductions.
Trump's Social Media Demand
Trump took to Truth Social on Monday, writing: 'Gasoline Retailers must get their Prices down, IMMEDIATELY! They're too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!'
Oil Prices and Gas Averages
Oil prices have fallen sharply this month after the US and Iran signed a memorandum of understanding to end the conflict. Despite recent clashes threatening the peace deal, Brent crude is only $1 more expensive than before the conflict, heading for its biggest quarterly loss since 2020. However, the national average for a gallon of gas stands at $3.85, cheaper than a month ago but still higher than last year's Fourth of July holiday.
Preparations for 250th Anniversary
Both Bessent and Trump invoked the upcoming 250th anniversary of the country's founding and the Fourth of July holiday, highlighting the administration's efforts to prepare for the nation's birthday. Trump has ordered several renovations in Washington, DC, for the celebrations.
Travel Expectations
According to AAA, a record-high 72 million people are expected to travel during the holiday despite higher gas prices. The number of drivers and flyers has remained relatively flat since last year, while cruises have gained popularity. Domestic car rentals are 10% more expensive than last year, and domestic flight tickets average $830.
