Treasury Secretary Scott Bessent Says Gas Prices Could Fall Toward $3 as Wage Growth Trails Inflation
Treasury Secretary Scott Bessent said gas prices could move toward a national average of $3 per gallon by Labor Day, framing lower fuel costs as a key part of the Trump administration’s argument that household economic pressure will ease.
In an interview with CBS News, Bessent said the administration is giving gasoline retailers “a little bit of a nudge” and telling them “we’re watching them” as oil prices move closer to pre-Iran war levels. CBS reported that the national average for regular gasoline was $3.83 Thursday, down from more than $4.50 at the height of the war.
The fuel-price issue matters because it connects directly to inflation and wages. CBS reported that annual inflation reached 4.2% in May, while the latest jobs report showed annual wage growth of 3.5%, meaning pay increases were still running behind price growth. Bessent described that gap as a short-term spike and said he expects real wage gains to return soon.
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Bessent also discussed Trump Accounts, a child investment program launching July 4. CBS reported that the federal government will contribute $1,000 to accounts for eligible children born from Jan. 1, 2025, through Dec. 31, 2028, and that Bessent said more than 6 million accounts have already opened.
The political backdrop remains sensitive. CBS reported that congressional Democrats have criticized Trump’s crypto earnings as a conflict-of-interest issue, while the White House said there are no conflicts.
The next test is whether lower oil prices translate into cheaper gasoline fast enough for households to feel relief.
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