U.S. Treasury Secretary: "Gasoline Prices to Return to $3 Range Between June and September"

Warning: Gasoline Price Trends at Gas Stations to Be Closely Monitored

Scott Bessent, U.S. Secretary of the Treasury, attending last year's Asia-Pacific Economic Cooperation (APEC) Summit. Photo by Yonhap News Agency

U.S. Secretary of the Treasury Scott Bessent stated on April 15 (local time) that "during the driving season, gasoline prices will fall back to around $3 per gallon."

At a White House briefing that day, Secretary Bessent said, "I am optimistic that at some point between June 20 and September 20, gasoline prices can return to the $3 range." He also explained that whether oil prices fall will depend on the progress of ceasefire negotiations that will take place over the coming days.

This is interpreted as a suggestion that a ceasefire agreement could soon be reached, as the United States and Iran continue behind-the-scenes contacts for a second round of ceasefire talks. If the negotiations are concluded, the Strait of Hormuz will reopen, and the surge in international oil prices triggered by the Iran war could subside in a short period of time.

Previously, U.S. President Donald Trump also addressed the possibility of an agreement with Iran ahead of King Charles III's state visit to the United States, telling UK Sky News in a phone interview that it was "very possible" and indicating that a deal could be reached by the end of April.

According to the American Automobile Association (AAA), the average gasoline price this week was $4.108 per gallon. Before the outbreak of the Iran war, the average gasoline price in January and February of this year was below $3 per gallon.

Secretary Bessent also revealed that he met with several Middle Eastern countries during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank held this week. He explained, "All of them say that as soon as the strait is reopened, they can restart their oil pumps within a week."

Secretary Bessent further warned that the Treasury Department and the White House will closely monitor gasoline price trends at gas stations, and that they may publicly shame those that do not lower prices quickly.

This content was produced with the assistance of AI translation services.