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Bessent Says Gas Could Fall to $3 Between June and September
Bessent said the drop depends on easing tensions with Iran and reopening key shipping routes, as the national average sits near $4.10, AAA said.
- On Wednesday, Treasury Secretary Scott Bessent expressed optimism that gas prices could hit $3 a gallon between June 20 and September 20, tying the timeline to ongoing negotiations regarding the conflict in Iran.
- Conflict in Iran led to closure of the Strait of Hormuz, which sees about 20% of global oil pass through; Bessent argues the U.S. remains a net exporter with sufficient supply.
- Treasury officials are monitoring gas stations to prevent price gouging, as Bessent noted national averages have fallen "substantially just in the past 10 days."
- White House press secretary Karoline Leavitt confirmed the administration remains "very much engaged" in talks, though recent in-person negotiations in Pakistan failed to produce a deal.
- President Trump expects gas prices to "go down tremendously" when the conflict ends, while Energy Secretary Chris Wright recently described a summer timeline for $3 gas as "aggressive.
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US Treasury Secretary Scott Bessent predicted Wednesday that the price of gasoline in the US country, triggered by the war in Iran and the closure of the Strait of Ormuz, will fall to $3 next summer, and reiterated Washington’s version that the conflict is coming to an end. “I am optimistic and believe that, sometime between June 20 and September 20, we will be able to get gas back to $3,” Bessent said at a press conference in the White House.
·Washington, United States
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The price of gasoline gallon in the United States will continue to rise at least until June, according to Scott Bessent's projection.
Coverage Details
Total News Sources53
Leaning Left5Leaning Right14Center29Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
11%
C 60%
R 29%
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