U.S. Treasury Secretary Scott Bessent said he sees oil prices falling to around $3 per gallon over the summer.
“I’m optimistic that sometime between June 20 and September 20, we can have $3 gas again,” Bessent told reporters at the White House on Wednesday, according to Bloomberg.
Bessent added that officials from several Middle Eastern countries have said that once the Strait of Hormuz is reopened, they can begin pumping oil within one week.
Bloomberg noted that the average price of a gallon of gas this week was $4.108, citing the American Automobile Association.
Bessent also said the government would be monitoring gas stations to make sure their prices are in line with the price of oil.
“We are going to be watching the gas stations, because they raised prices very quickly,” Bessent said, adding, “We hope they’ll bring them down just as quickly as crude oil prices have come down, which they’ve come down substantially, just in the past 10 days.”
Author: phinds
