Treasury Secretary Says Gas Could Be $3 Before First Day of Summer

Treasury Secretary Scott Bessent announced on Wednesday that American consumers could soon see relief at the pump, predicting that gasoline prices will drop to $3 before the first day of summer.Speaking to reporters at a White House press briefing, Mr. Bessent explained that this timeline depends on ongoing negotiations regarding the reopening of Iran’s Strait of Hormuz.“I’m optimistic that sometime between June 20th and September 20th that we can have three-dollar gas again,” the secretary said.Addressing concerns over recent energy costs, he reassured the public that the current spikes are temporary. “It’s bank week here in DC, so I’ve been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say when the straits are open they can start pumping again within one week,” Mr. Bessent said. “The message is short-term volatility for long-term gain,” he told reporters.The briefing also heavily featured updates on the administration’s tax policies. White House press secretary Karoline Leavitt touted the success of the tax changes implemented under the One Big Beautiful Bill Act.“With Tax Day officially here, the numbers prove these tax cuts have been nothing short of extraordinary,” she said. “More than 53 million filers claimed at least one of President Trump’s signature new tax cuts. The average refund this filing season is more than $3,400. The Trump administration has issued more refunds and larger refunds than in any year in the history of our country.”Mr. Bessent elaborated on the tax policy success, noting that nearly half of American taxpayers — 45 percent — benefited from at least one of the president’s signature tax cuts. He highlighted that the most widely utilized deduction was the elimination of taxes on overtime pay.“I will tell you that the biggest one of those that Americans have taken is no tax on overtime,” Mr. Bessent told reporters at the White House. “If you want to work longer hours, you get to keep more of your money … I want to encourage everyone out there watching today to change their withholding if they haven’t already done so.”According to Treasury statistics, more than 25 million people benefited from the overtime tax cuts, saving an average of $3,100. In addition, more than 6 million saved an average of $7,100 from tip tax reductions, and more than 34 million families utilized expanded child tax credits.Returning to the topic of energy, Mr. Bessent issued a stern warning to retail gas stations that previously raised prices amid global supply concerns. Speaking at the CNBC Invest in America Forum, he made it clear that the administration expects prices to fall in tandem with dropping oil costs.“We’ll be looking at Treasury to try to keep the retail gas stations honest—that you did this on the way up, better be doing this on the way down,” Mr. Bessent said. “And I am sure the president will call out anyone who’s a bad actor.” On the international front, Mr. Bessent confirmed that the United States will not renew waivers that previously allowed the purchase of some Iranian and Russian oil without facing U.S. sanctions. “We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11. So all that has been used,” Mr. Bessent said.Finally, Mr. Bessent closed by expressing his confidence in the confirmation of Kevin Warsh, President Donald Trump’s nominee for Federal Reserve chairman.“He is going to have a hearing on the 21st of this month. He’s a great candidate. We know that the Republicans on the Senate Banking Committee are aligned in that,” the secretary said. “I am very optimistic that Kevin Warsh will be the chair of the Fed on time.”

Treasury Secretary Says Gas Could Be $3 Before First Day of Summer

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