U.S. Treasury Secretary Scott Bessent has publicly urged gasoline retailers to lower prices and said the administration is monitoring the situation closely. He addressed a range of retailers - from outlets owned by major oil producers to independent operators and international convenience store chains - and called on them to behave responsibly as the country approaches its 250th anniversary.
In an interview with Fox News, Bessent said: "I would encourage all the gasoline retailers, some of them are owned by Big Oil, some are independent, some are international convenience chains." His comments focused on the variety of ownership structures in the retail gasoline sector and the expectation that those operators consider price relief ahead of the national holiday.
The Treasury secretary's statement followed a Monday public admonition from President Donald Trump, who demanded that gas stations cut prices immediately or face consequences. The president also suggested in a social media post that retailers should aim for prices near $2.50 per gallon. The United States will mark its 250th founding anniversary on Saturday during the July 4th holiday.
Last week, President Trump said the Department of Justice has opened an investigation into ExxonMobil, Chevron and other oil companies over elevated natural gas prices. "We are doing a big investigation on it," Trump said, referring to potential price gouging by oil companies at the pump.
The broader market backdrop referenced in public statements notes that oil prices have risen this year after U.S. and Israeli strikes on Iran in late February, with Iran responding through attacks on Israel and on Gulf states that host U.S. military bases. Those moves are cited as contributing factors to higher energy prices this year.
High gasoline costs have become a political and consumer concern as President Trump and Republican lawmakers seek to defend narrow congressional majorities ahead of the November elections. Elevated pump prices have drawn attention from both the White House and federal authorities, and officials have publicly signaled scrutiny of retail pricing practices.
Key takeaways
- Bessent urged gasoline retailers - including major oil-owned stations, independents, and international convenience chains - to reduce prices and act responsibly ahead of the July 4 holiday.
- The Treasury secretary's remarks came after President Trump demanded immediate price cuts and suggested a target of roughly $2.50 per gallon in a social media post.
- The Department of Justice has been cited by the president as conducting an investigation into ExxonMobil, Chevron and other oil companies over elevated natural gas prices.
Risks and uncertainties
- Ongoing investigation by the Department of Justice into major oil companies - impact on legal and regulatory risk for the oil and gasoline sectors.
- Higher oil prices tied to geopolitical events - fluctuations in crude markets could sustain elevated gasoline prices and affect consumer spending.
- Political pressure ahead of November elections - potential for policy or enforcement actions that could influence oil and retail gasoline markets.
The situation remains subject to developments from federal investigations, market responses to geopolitical events, and any further public statements or actions by federal officials. Officials have framed their comments as monitoring and encouragement for retailers to consider price adjustments ahead of a nationally significant holiday.