Treasury Secretary Scott Bessent said Wednesday that the pain at the pump Americans are feeling should be easing soon.
Bessent said during a White House press briefing that Americans will see gas prices of $3 a gallon "sooner rather than later," depending on how negotiations to reopen the Strait of Hormuz unfold.
"It's bank week here in D.C., so I've been meeting with a lot of my Middle Eastern counterparts, the finance ministers. And they all say when the straits are [sic] open, they can start pumping again within one week," he said.
"I'm optimistic that sometime between June 20 and Sept. 20, ... we can have $3 gas again. The message is short-term volatility for long-term gain," Bessent told reporters.
In an interview with CNBC Wednesday, Bessent said the economy will be slower this quarter amid the Iran war, but it is in good shape and will rebound, adding that oil prices do not appear to be weighing on inflation expectations.
Bessent said U.S. economic data is strong and that the Treasury Department would watch retail gasoline sales for consumers.
"We'll be looking at Treasury to try to keep the retail gas stations honest — that you did this on the way up, better be doing this on the way down," he said.
On Tuesday, Bessent said Chinese tankers will not be allowed passage through the strait.
"So they're not going to be able to get their oil," he told reporters Tuesday.
In rare public criticism seemingly directed at President Donald Trump, Chinese President Xi Jinping said nations should "oppose the world's retrogression to the law of the jungle."
Xi said nations should work to "jointly safeguard genuine multilateralism."
Reuters and The Associated Press contributed to this report.
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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