Gas prices under scrutiny as Bessent vows to hold retailers accountable
Fox Business • • business
Key Points:
- Treasury Secretary Scott Bessent warned gasoline retailers that the Trump administration is monitoring pump prices and expects them to reflect recent declines in crude oil costs.
- President Donald Trump urged gas stations to lower prices to around $2.50 per gallon following a drop in oil prices to $68 a barrel, emphasizing the need for immediate action to benefit consumers.
- Gasoline prices have decreased from a high of $4.391 per gallon a month ago to $3.860, but remain above last year's average, impacting consumers and small businesses financially.
- Bessent highlighted that retailers likely profited during recent oil price spikes and stressed the importance of passing savings on to the public now that crude prices are falling.
- The administration warned against illegal price gouging and indicated that failure by retailers to reduce prices could lead to significant consequences.
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