Treasury Secretary Warns Oil Companies to Lower Prices: ‘We’re Watching’
6 reported
US Treasury Secretary Scott Bessent issued a warning to oil and gas companies to lower their prices on Tuesday, following a social media post from President Donald Trump demanding retailers drop prices to $2.50 a gallon. In a Fox News interview, Bessent said he encourages companies to be "good actors" because the administration is watching, and noted that oil companies are likely making "record profits." Trump wrote on Truth Social that if retailers do not drop prices immediately, "big problems lie ahead," pointing out that oil is at $68 a barrel. Oil prices have fallen sharply this month after the US and Iran signed a memorandum of understanding to end their conflict, though recent clashes have threatened the peace deal. The national average price for a gallon of gas is currently $3.85, cheaper than a month ago but higher than last year's Fourth of July holiday. A record-high 72 million people are expected to travel during the holiday despite higher gas prices, according to AAA.
What’s reported
Treasury Secretary Scott Bessent warned oil and gas companies to lower prices in a Fox News interview on Tuesday.
Bessent said he encourages companies to be "good actors" because "we're watching," and stated they are likely making "record profits."
President Donald Trump posted on Truth Social on Monday demanding gasoline retailers drop prices immediately to $2.50 a gallon, warning of "big problems" if they do not.
Oil prices have fallen sharply this month after the US and Iran signed a memorandum of understanding to end their conflict, though recent clashes have threatened the deal.
The national average gas price is $3.85 per gallon, cheaper than a month ago but higher than last year's Fourth of July holiday.
AAA reports a record-high 72 million people are expected to travel during the holiday, with domestic car rentals 10% more expensive and domestic flight tickets averaging $830.
Key figures
Scott Bessent, US Treasury Secretary
Donald Trump, former US President (referred to as president in the article)
AAA (American Automobile Association)
Sources: The Guardian
