President Trump and Treasury Secretary Scott Bessent have called on gasoline retailers to lower prices, with Trump warning of "big problems" and Bessent stating "we're watching." Trump also instructed the Justice Department to investigate oil companies.
The administration is attempting to influence consumer prices ahead of a major holiday travel period, signaling a willingness to intervene in market pricing and investigate potential price gouging by oil companies.
U.S. President Donald Trump has issued a stern warning to gasoline retailers, demanding an immediate reduction in prices and threatening significant repercussions if they fail to comply. Treasury Secretary Scott Bessent echoed Trump's message, urging retailers to be "good actors" and stating that "we're watching" their pricing decisions, particularly as the nation approaches its 250th birthday and the Fourth of July holiday.
Trump suggested a target price of around $2.50 per gallon and called on California to reduce its gasoline taxes. He also revealed that he has instructed the Department of Justice to investigate oil companies for not aligning their pump prices with falling crude oil costs. The national average price for a gallon of regular gasoline is $3.85, cheaper than prices a month ago but still higher than levels during last year’s Fourth of July holiday.
Oil prices have fallen sharply this month, with Brent crude heading for its biggest quarterly loss since 2020. Despite this, the current national average price for a gallon of gas remains elevated compared to the previous year. Both Bessent and Trump invoked the upcoming 250th anniversary of the country’s founding and the Fourth of July holiday, highlighting the administration's focus on national celebrations.
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