Treasury Secretary Scott Bessent said Wednesday he was “optimistic” that gasoline prices will fall to around $3 a gallon between late June and late September.
Bessent said recent discussions with Middle Eastern counterparts about the Iran oil crisis left him hopeful that relief could come relatively soon.
“I’m optimistic that sometime between June 20 and September 20, we can have $3 gas again,” he said at a White House press briefing, adding that the pace of any decline will hinge on how negotiations tied to the war in Iran unfold.
Bessent pointed to tentative signs of de-escalation, noting that the United States has adhered to a ceasefire and halted military strikes, though key shipping routes remain only partially reopened.
“We’ll see,” he said. “But I think over the summer we could see gas prices starting with a three sooner rather than later.”
His remarks stand in contrast to Trump’s comments over the weekend, when the president suggested prices may not ease before the November midterm elections. In an interview with Fox News, Trump said he hoped for lower costs but expected prices to remain roughly steady, or even tick slightly higher, by the fall, extending a pattern of mixed messaging on energy.
The conflicting signals come after high-level talks between U.S. and Iranian officials in Pakistan broke down over the weekend without an agreement, prompting another rise in oil prices.
Political strategists from both parties said the uncertainty poses a challenge for Republicans seeking to hold on to their House and Senate majorities, as higher energy costs driven by the war ripple through the broader economy.
White House press secretary Karoline Leavitt echoed the administration’s position on Wednesday that the price increases are temporary. She argued the disruption is tied to a broader strategic objective: preventing Iran from obtaining a nuclear weapon.
CHRIS WRIGHT WARNS GAS PRICES MAY STAY HIGH THROUGHOUT THE SUMMER
“This is a short-term disruption for the long-term strategic goal of the United States to ensure that the world’s leading state sponsor of terror cannot obtain a nuclear weapon,” she said. “That’s a good thing for the American people. That’s a good thing for people all over the world.”
According to AAA, the national average price for a gallon of gas stood at $4.10 on Wednesday. California had the highest prices in the country at $5.87 per gallon.