Bessent tells oil firms: prices must fall fast

Bessent warns – Treasury Secretary Scott Bessent warned big gasoline sellers Tuesday that the Trump administration is “watching” and will hold companies accountable if retail prices don’t drop quickly, pointing to how prices surged during the Iran war. The remarks came after

Treasury Secretary Scott Bessent didn’t mince words on Tuesday.

Standing before an audience on Fox & Friends, Bessent told big oil companies that the Trump administration is tracking how fast gasoline prices rose during the Iran war—and is prepared to demand a matching drop afterward.

“We’re watching. ” Bessent said. urging gasoline retailers—whether owned by major oil firms. run by independent operators. or operated through international convenience chains—to bring their prices down “ASAP.” He framed the threat as accountability backed by data: the administration has “a chart of how quickly the prices went up and how they followed crude. ” and it will hold companies accountable “on the other side.”.

Bessent said President Donald Trump had already raised the issue last week, and pointed to “a very powerful Truth Social Post” from the day before.

“So I would encourage all the gasoline retailers—some of them are owned by big oil, some are independent, some are international convenience chains—I would encourage them to be good actors,” Bessent said. He added a specific timing call: “especially on the 250th Anniversary, because we’re watching.”

The warning landed right after Trump publicly went after gasoline companies’ pricing on Monday. In a Truth Social post, Trump wrote: “Gasoline Retailers must get their Prices down, IMMEDIATELY!. They’re too high considering that Oil is now at $68 a Barrel. and heading south.” He also vowed enforcement. writing that “There will be no gauging (sic). which is totally illegal. ” and warned that “If Retailers don’t do this. big problems lie ahead!”.

As Bessent spoke, the market picture was moving—but not enough to calm the administration’s pressure. Fox News displayed crude oil at $71.51 per barrel. down sharply from the period in the middle of the war. when barrels were “north of $95 and $100.” The content also said crude had been around $72 per barrel in late February. just before the U.S. and Israel hit Iran.

Bessent’s message tied prices directly to that crude movement and to company conduct at the pump. Co-Host Brian Kilmeade told the show that national gas prices were about 50 cents higher than they were a year ago. at $3.85. Bessent responded that the companies need to “get closer to last year’s prices immediately.”.

He then pointed to profits and a shift in expectations: “They probably had record profits on gasoline retailing. Now it’s time to do something for the American people.”

The pressure is landing as several major oil companies have performed strongly in markets this year, according to the Wall Street snapshot cited during the segment. Exxon Mobil shares were up 11% year-to-date. Chevron was up 8.1% year-to-date. ConocoPhillips was up 7.8% year-to-date.

Bessent’s central insistence was simple: the administration wants retail gasoline prices to fall quickly enough to match the pace of the earlier spike. He warned that if an equally big drop doesn’t come. oil companies “could have problems with the government. ” not as a vague promise but as an extension of a tracked timeline Trump’s team is now using as leverage.

Scott Bessent Treasury Department Trump administration gasoline prices big oil gasoline retailers Iran war crude oil Exxon Mobil Chevron ConocoPhillips Truth Social Wall Street