Treasury Secretary Scott Bessent says he’s “optimistic” that gasoline prices will go back to $3 a gallon this summer.
Speaking to reporters at the White House briefing Wednesday, Bessent told reporters that he believes gasoline prices will be closer to $3 gallon this summer, saying that pumping of oil can resume within a week of the Strait of Hormuz opening.
“I’m optimistic that sometime between June 20th and September 20th that we can have $3 gas again,” said Bessent.
Gas prices are averaging $4.11 a gallon, up from $3.17 a year ago, according to AAA.
Bessent and the White House also issued a warning to China that it could be hit by secondary sanctions if it continues to provide weapons to Iran or purchase its oil.
“President Xi assured the president that they are not supplying Iran with weapons throughout this conflict, and that assurance was made to the president,” said White House press secretary Karoline Leavitt.
Bessent, meanwhile, warned China about continuing to purchase Iranian oil.
“China was purchasing more than 90% of their oil, which is about 8% of China’s energy needs,” said Bessent, adding that two Chinese banks were warned that they could face secondary sanctions.
“I will tell you that two Chinese banks received letters from the US Treasury. I’m not going to identify the banks, but we told them that if we can prove that there is Iranian money flowing through your accounts, then we are willing to put on secondary sanctions,” he added.
Despite that warning, Bessent said there has been “great stability” in the U.S. - China relationship since last summer and he told reporters he expects that to continue, particularly with the upcoming summit in Beijing.
Please read our comment policy before commenting.