Treasury Secretary Scott Bessent said Wednesday that Americans may have to wait until late summer or early fall before gasoline prices drop below $3 per gallon, as energy markets continue to react to ongoing tensions in the Middle East.

Speaking with reporters, Bessent addressed questions about rising fuel costs following Operation Epic Fury, which began on Feb. 28, and President Donald Trump’s subsequent decision to impose a naval blockade on the Strait of Hormuz. Asked when consumers might see relief at the pump, Bessent pointed to uncertainty surrounding the reopening of the key shipping route.

“President Trump said this morning that he thinks we’re nearing the end. The U.S. kept their side on the ceasefire. We’ve stopped firing. The Strait of Hormuz have not been completely reopened, so we will see,” Bessent said. “I’m optimistic that during the summer we will see gas with a 3 in front of it sooner rather than later.”

He noted that officials in the Middle East have indicated oil production could ramp up quickly once the strait is fully reopened.

“So not by summer like Memorial Day, but maybe by Labor Day?” Doocy asked, with Bessent responding, “Again, I’m optimistic that sometime between June 20th and September 20th that we can have $3 gas again and as I said this morning, too, we are going to be watching the gas stations because they raised prices very quickly when the stated when the crude oil prices went up. We hope they’ll bring them down just as quickly as crude oil prices have come down, which they’ve come down substantially just in the past 10 days.”

Despite policy shifts by the Trump administration aimed at expanding domestic fossil fuel production, gas prices have climbed significantly in recent weeks. According to AAA data, the national average rose from $2.98 per gallon on Feb. 28 to $4.11 by Wednesday.

By comparison, fuel costs reached a peak of $5 per gallon in June 2022 during the Biden administration, driven in part by restrictions on fossil fuel output and broader inflationary pressures, according to federal energy data.

Officials at the time attributed the spike initially to Russia’s invasion of Ukraine, and later to alleged price gouging. Prices did not fall below $3 again until after Trump took office.

Crude oil prices have also fluctuated sharply. West Texas Intermediate futures closed at $91.23 on Wednesday, up from $67.02 on Feb. 27 — just before the Iran conflict began — though still below the post-February high of $117.63.

Energy analyst David Blackmon cautioned that the recent disruptions could have lasting effects on global energy markets.

“So much damage has been done now to infrastructure and global flows of oil that it’s baked into the cake,” Blackmon told The Daily Caller News Foundation during a phone call. “Prices are not going to go back to where they were before February 28. You could end this thing today. Prices are not going to go back.”

{Matzav.com}