US Treasury Secretary Scott Bessent issued a veiled warning to oil and gas companies to reduce fuel prices during a televised interview on Tuesday.
His comments followed public demands from President Donald Trump for retailers to target $2.50 per gallon.
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Bessent encouraged retailers to be "good actors," especially during the 250th anniversary year, adding that the administration is watching.
He noted that oil companies are likely generating record profits and said it is time for them to support the American public.
President Trump also weighed in on social media, stating: "Gasoline Retailers must get their Prices down, IMMEDIATELY!
They're too high considering that Oil is now at $68 a Barrel, and heading south." Trump warned of major complications if retailers fail to lower costs immediately.
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The pressure comes as Brent crude prices stabilize near pre-conflict levels following a US-Iran memorandum of understanding.
The national average gas price is $3.85 per gallon, higher than last year's Fourth of July holiday rates.
Despite elevated fuel costs, a record 72 million people are projected to travel during the upcoming holiday weekend, according to AAA.
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Domestic car rentals have risen 10% year-over-year, and domestic flight tickets average $830 per ticket.
