Bessent Says Gas Prices Could Fall Toward $3 as Wage Growth Trails Inflation
Treasury Secretary Scott Bessent said gas prices could fall toward a national average of $3 per gallon by Labor Day, even as many Americans remain squeezed by fuel costs, inflation and slower wage growth.
In an interview with CBS News, Bessent said the Trump administration is pressing gasoline retailers to lower prices as oil prices move closer to pre-Iran war levels. CBS reported that regular gasoline averaged $3.83 on Thursday and that May inflation reached 4.2%, while annual wage growth stood at 3.5%.
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Bessent called the wage-inflation gap a short-term spike and said he expects real wage gains to return soon. He also discussed Trump Accounts, a child investment program launching July 4, with federal $1,000 contributions for eligible children born from 2025 through 2028.
The practical question for households is whether lower oil prices will reach the pump quickly enough to ease inflation pressure before Labor Day.
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