What specific timeframe and price target did Treasury Secretary Bessent give for gasoline prices dropping to $3 per gallon?

Treasury Secretary Scott Bessent stated he is 'optimistic that sometime between June 20 and September 20, that we can have $3 gas again,' directly linking the $3-per-gallon target to the summer driving season.

According to Bessent, what key geopolitical condition must be met—and how quickly could it affect supply—for gas prices to fall as expected?

Bessent said lower gas prices depend on progress in negotiations to end the US-Israeli war with Iran, and specifically noted that Middle East counterparts told him 'once the Straits are open, they can start pumping again within one week,' referring to the Strait of Hormuz.

US Treasury Secretary Bessent Optimistic Gas Prices Will Drop to $3 Per Gallon This Summer

Apr 15, 2026

US Treasury Secretary Scott Bessent expects gasoline prices to fall to $3/gallon by summer pending Middle East stability. He cited falling crude oil costs and urged retailers to adjust pump prices quickly.

US Treasury Chief Expects Gasoline Prices to Drop to $3 Range This Summer

reuters

bloomberg

2026-04-15

US Treasury Secretary Bessent Optimistic Gas Prices Will Drop to $3 Per Gallon This Summer

2026-09-02

Bessent Blames High Energy Prices on Ukraine’s Russia Strikes

US Treasury Secretary Bessent Optimistic Gas Prices Will Drop to $3 Per Gallon This Summer

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