US treasury secretary warns oil and gas companies to lower prices: ‘we’re watching’
Summary
US Treasury Secretary Scott Bessent warned oil and gas companies to lower their prices, saying the government is watching their actions. President Donald Trump also called on retailers to quickly reduce gas prices, which remain above last year’s levels despite recent drops in oil prices.Key Facts
- Treasury Secretary Scott Bessent urged oil and gas companies to act responsibly and lower prices.
- President Trump demanded gas prices drop to $2.50 per gallon, warning of “big problems” if they do not.
- Oil prices have fallen recently after the US and Iran signed a peace agreement, though tensions remain.
- The national average price for a gallon of gas is $3.85, lower than a month ago but still higher than last year.
- The US is preparing for its 250th anniversary and Fourth of July holiday, which is expected to see high travel levels.
- About 72 million people are expected to travel during the holiday, despite rising gas prices.
- Costs for car rentals and flight tickets are higher than last year during the holiday period.
- Both Trump and Bessent referenced the anniversary and holiday while addressing the issue of gas prices.
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