Treasury official says administration monitoring gasoline prices amid falling crude

Treasury Secretary Scott Bessent told gasoline retailers on a morning news program that the administration is closely monitoring pump prices and expects them to reflect the recent decline in crude oil costs. He said the government will hold retailers accountable if price reductions are not passed on to consumers.

Bessent’s remarks followed President Donald Trump’s request for stations to lower prices to about $2.50 per gallon after crude fell to roughly $68 a barrel. The president posted on his social-media platform urging immediate price cuts, stating that current prices were too high.

The average national price for regular gasoline was $3.86 per gallon on June 29, down from $4.39 a month earlier but still above the year-ago level of $3.19. Bessent noted that the price trend has historically tracked crude oil movements and that retailers have benefited from higher margins during price spikes. He indicated that the administration will watch for compliance as oil prices continue to decline.

"I would encourage them to be good actors, especially in the 250th anniversary, because we're watching," Bessent said.

"We’ve got a chart of how quickly the prices went up and how they followed crude, and we're going to hold them accountable on the other side," he added.

The Treasury official emphasized that the goal is to provide relief to consumers who have faced higher fuel costs amid geopolitical tensions and market fluctuations.