Treasury Secretary Scott Bessent conceded that Americans may have to wait until the end of summer for $3 (£2.21) petrol after Fox News' Peter Doocy pressed the Trump administration on its shifting gas price promises at Wednesday's White House briefing.
Administration Walks Back Summer Target
Doocy confronted Bessent directly over the faltering timeline. 'It doesn't sound like we're going to have $3 (£2.21) a gallon gas by summertime, which we had initially been told by the Energy Secretary,' the Fox News senior White House correspondent said. He then demanded to know 'when are we really gonna get $3 (£2.21) a gallon gas?'
Bessent offered vague optimism, saying he expected Americans would 'see gas with a three in front of it sooner rather than later' during the summer.
When Doocy pushed further, asking 'So not by summer, like Memorial Day, but maybe by Labor Day?' Bessent finally gave a specific window. 'Again, I'm optimistic that sometime between June 20 and September 20, that we can have $3 (£2.21) gas again,' he said.
The exchange put the administration's evolving forecasts on full display. Energy Secretary Chris Wright told NBC News in mid-March there was 'a very good chance' gas prices could drop below $3 (£2.21) by summer. But at the Semafor World Economy Summit on Monday, Wright walked that back, saying, 'by the summer is an aggressive timeframe now.'
Gas Prices Up 38% Since February
American Automobile Association data shows the national average has climbed from $2.98 (£2.19) per gallon on 28 February to $4.11 (£3.03) this week. That 38% jump coincides with Operation Epic Fury, the US military operation against Iran that has disrupted global oil flows through the Strait of Hormuz.
Brent crude has surged to $96 (£70.70) a barrel as the narrow waterway, which handles more than 20% of the world's oil shipments, remains only partially reopened despite a tentative ceasefire.
California drivers are feeling the worst of it, paying $5.87 (£4.32) per gallon on average.
Bessent Warns Gas Stations
While acknowledging the delay, Bessent pivoted to warning retailers. 'We are going to be watching the gas stations because they raised prices very quickly when the crude oil prices went up,' he said. 'We hope they'll bring them down just as quickly as crude oil prices have come down.'
He told the CNBC Invest in America Forum earlier Wednesday that the Treasury Department would work to 'keep the retail gas stations honest' and that President Trump 'will call out anyone who's a bad actor.'
Bessent pointed to declining crude prices as justification for optimism, noting they have 'come down substantially just in the past 10 days.' West Texas Intermediate crude oil closed at $91.23 (£67.18) on Wednesday, down from a post-February 28 high of $117.63 (£86.62).
Mixed Signals From Trump
The administration has struggled with consistent messaging on energy costs. Trump told Fox News' Maria Bartiromo over the weekend that gas prices could be 'the same or maybe a little bit higher' by the November midterm elections, contradicting his officials' more optimistic projections.
In a separate interview that aired Wednesday morning, Trump said he expects gas prices to 'go down tremendously' when the conflict ends, while acknowledging he had expected prices to rise 'significantly worse' than they have.
Bessent tied any meaningful drop to diplomatic progress. 'I think that's going to be up to how the negotiations go,' he said, adding that Middle Eastern finance ministers told him oil-producing nations could resume pumping 'within one week' once the Strait of Hormuz fully reopens.
Energy analyst David Blackmon offered a more cautious view. 'So much damage has been done now to infrastructure and global flows of oil that it's baked into the cake,' he told The Daily Caller News Foundation. 'You could end this thing today. Prices are not going to go back.'
