Gas prices are under scrutiny as Bessent promises to hold retailers accountable
US Treasury Sec. Scott Bessent joins ‘Fox & Friends’ to discuss America’s economic future, including Trump Accounts benefits for families with newborns and the administration’s efforts to lower gas costs amid concerns about the Iran war.
Treasury Secretary Scott Bessent warned fuel retailers that the Trump administration is “watching” pump prices and expects them to pass on lower oil costs to Americans.
Speaking on “Fox & Friends,” Bessent’s comments came a day after President Donald Trump called on gas stations to cut prices to about $2.50 per gallon following a drop in crude oil prices.
“I would encourage them to be good actors, especially in this 250 years, because we are watching,” said Bessent on Tuesday.
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Treasury Secretary Scott Bessent arrives before testifying before the House Ways and Means Committee at the Longworth House Office Building on June 4, 2026, in Washington, DC. (Chip Somodevilla/Getty Images/Getty)
Gas prices rose during the conflict between Israel and Iran, although prices have fallen since the fighting began. The AAA national average for regular gas was $3.860 per gallon as of June 29, down from $4.391 a month earlier but still higher than the previous average of $3.187.
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High gas costs have squeezed consumers and businesses alike, with some California small business owners saying they are “working for peanuts” just to keep their doors open. But Bessent said that as crude oil prices drop, he will be looking to fuel retailers to ensure savings are passed on to consumers.
As labor and energy costs rise in California, small business owners say the Golden State’s minimum wage laws and gas tax are hampering their operations.
“We have a chart of how quickly the prices rise and how they follow the insults, and we will blame them on the other side,” he said, calling Trump’s Truth Social post about the issue “powerful.”
The president wrote on Truth Social earlier this week, “Gasoline Dealers must drop their Prices, ASAP!” and added that “They are very high considering that Oil is now at $68 a Barrel, and heading south.”
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“Dealers must respond quickly to this statement, and do what they know is right – LOWER YOUR PRICES FOR OUR GREAT AMERICAS!” he continued. “There will be no measurement, which is completely illegal. If the Sellers don’t do this, there are big problems ahead!”
Bessent said that stations often benefit when oil prices rise and said that now is the time to provide relief to the public. “They make more margin there, and maybe have a record profit in selling gasoline. Now it’s time to do something for the American people,” he said.
Fox News Digital’s Greg Wehner contributed to this report.
US Treasury Secretary Scott Bessent discusses the drop in oil and gas prices, the well-supplied oil market, and the impact of the president’s tax policies, including tax returns and increased manufacturing.
