Bessent suggests US could see $3 gas between June 20 and September 20

Treasury Secretary Scott Bessent told reporters at the White House press briefing on Wednesday that Americans could start seeing $3 gas prices “sooner rather than later” depending on how negotiations to open Iran’s Strait of Hormuz end up playing out.

“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,” Bessent said.  

“I’m optimistic that sometime between June 20 and September 20 that we can have $3 gas again,” he said.

According to AAA’s national gas prices average, gas prices sat at an average of $4.11 on Wednesday.

The U.S.-Iran war, which began in late February, has resulted in a spike of energy prices across the globe.

The Strait of Hormuz, which sees roughly 20 percent of the world’s oil travel through it, has effectively remained closed since the beginning of the conflict. Additionally on Monday, Trump began the U.S. blockade of all Iranian ports.

The war’s impact on energy prices has put the Trump administration on defense as Republican look to tout affordability ahead of November’s midterm elections.

Trump’s allies have argued that the increase in energy prices is temporary, and that the short term increase will be worth ensuring Iran will not obtain a nuclear weapon.

“The message is short term volatility for long term gain,” Bessent told reporters.

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