Treasury’s Bessent urges gas retailers to drop prices for US 250th birthday

reuters//June 30, 2026//

Scott Bessent, U.S. Secretary of the Treasury, delivers remarks on the day U.S. President Donald Trump is scheduled to speak at the Faith & Freedom Coalition "Road to Majority" Conference, in Washington D.C. on June 26, 2026. (PHOTO: REUTERS/Nathan Howard)

reuters//June 30, 2026//

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WASHINGTON, D.C.―U.S. Treasury Secretary Scott Bessent urged gasoline retailers on Tuesday to lower prices as the U.S. celebrates its 250th birthday, reinforcing President Donald Trump‘s message with a warning that “we’re watching.”

“I would encourage all the gasoline retailers, some of them are owned by Big Oil, some are independent, some are international convenience chains,” Bessent said in an interview with Fox News. “I would encourage them to be good actors, especially in the 250th anniversary, because we’re watching.”

Bessent reprised his boss’s threat to gas stations on Monday to lower prices immediately or face “big problems.”

“If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number,” Trump wrote in a social media post. On Saturday, the United States celebrates its founding 250 years ago as it marks the July 4th holiday.

Oil prices spiked this year after the U.S. and Israel launched strikes on Iran in late February and Iran responded with its own attacks on Israel and Gulf states with U.S. bases.

Global prices have dropped with the signing of an initial agreement this month and Bessent said the Trump administration expects gas prices to follow suit.

“We’re going to hold them accountable on the other side,” Bessent said in an interview with “Fox and Friends.”

Consumers have raised concerns over high gasoline prices, as the president and his fellow Republicans battle to hold narrow majorities in Congress in November’s elections.

Reporting by Susan Heavey and Doina Chiacu; Editing by Chizu Nomiyama.