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Treasury Secretary Scott Bessent warned gasoline retailers that the Trump administration is “watching” pump prices and expects them to pass lower oil costs on to Americans.
Speaking on “Fox & Friends,” Bessent’s comments came a day after President Donald Trump urged gas stations to lower prices to around $2.50 per gallon following a decline in crude oil prices.
“I would encourage them to be good actors, especially in the 250th anniversary, because we’re watching,” Bessent said Tuesday.
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Gas prices rose during the conflict between Israel and Iran, though prices have eased since the onset of the fighting. The AAA national average for regular gas was $3.860 per gallon as of June 29, down from $4.391 a month earlier but still higher than the year-earlier average of $3.187.
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Higher fuel costs have squeezed consumers and businesses alike, with some California small business owners saying they’re “working for peanuts” just to keep their doors open. But Bessent said that as crude oil prices decline, he’ll be watching gasoline retailers to ensure savings are passed on to consumers.
“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 said, calling Trump’s Truth Social post on the issue “powerful.”
The president wrote on Truth Social earlier this week, “Gasoline Retailers must get their Prices down, IMMEDIATELY!” and added that “They’re too high considering that Oil is now at $68 a Barrel, and heading south.”
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“The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!” he continued. “There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead!”
Bessent said stations often benefit when oil prices spike and argued it is now time to provide relief for the public. “They’re making an extra margin there, and they probably had record profits on gasoline retailing. Now it’s time to do something for the American people,” he said.
Fox News Digital’s Greg Wehner contributed to this report.
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