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By Andrew Stanton and Gabe Whisnant
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Treasury Secretary Scott Bessent said Wednesday that a return to $3‑per‑gallon gas by summer will depend largely on how negotiations with Iran unfold, adding that prices could fall back to that level sometime between June and September.
Bessent expressed optimism that gas prices could drop throughout the summer during a White House press briefing centered around Tax Day. Gas prices surged after the United States and Israel launched strikes against Iran on February 28 and as the conflict has widened across the Middle East. Higher gas prices can lead to economic strain for millions of Americans already concerned about inflation.
Newsweek reached out to the Treasury Department for additional comment via email.
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Why It Matters
The Iran war and closure of the Strait of Hormuz have put pressure on the global oil supply, resulting in higher prices at the pump. This has major economic implications for Americans. A YouGov poll from March found that 82 percent of Americans say gas prices either affect them “a lot” or “a little.” It surveyed 2,837 Americans on April 9. Rising gas prices have also become a political sticking point for President Donald Trump and Republicans ahead of this year's midterm elections.
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What to Know
Bessent mentioned that Trump said earlier on Wednesday he believes the war is nearing an end. He noted the U.S. has kept its side of a ceasefire agreement in Iran but that the Strait of Hormuz, a critical passageway for the global oil supply, has not yet been reopened.
"I’m optimistic that during the summer, we will see gas with a ‘3’ in front of it sooner rather than later,” Bessent told reporters.
Gas prices averaged $4.108 on Wednesday, according to AAA data. That is lower than Tuesday's $4.118 or a week earlier, when they averaged $4.164. It is still higher compared to one month earlier, when prices were $3.699 per gallon, or one year earlier, when they were $3.173.
California saw the highest gas prices of any state on Wednesday, when the average cost was $5.878 per gallon.
Energy Secretary Chris Wright said this week during the Semafor World Economy Forum that summer would be an "aggressive time frame" to expect gas prices to drop down to $3 per gallon.
He added that Trump knew there would be "short-term" disruptions to oil supply amid the war but appreciated that Trump did not plan to "kick that can down the road, as other administrations have."
Patrick De Haan, head of petroleum analysis at GasBuddy, wrote on X on Wednesday that there have been "modest gas price decreases in many states" and that Americans "should see less increases."
"I think most price cycling states could see slight drops as oil prices holding in the low $90s," he wrote.
However, Trump told Fox Business Network's Maria Bartiromo on Wednesday that he believes energy prices could drop by the midterm elections in November. He said he believes the spike in oil prices is justifiable to prevent Iran from obtaining a nuclear weapon and that he expected the price of oil to be higher.
"If you told me we were going to be at only $92 a barrel—$92 a barrel—I would have been very surprised," the president said. "I am very happy, and it is going to come dropping down very big as soon as it's over."
While the Iran war has hit the U.S. economy, "it is going to recover" by the midterms, Trump said. "I think that we will be somewhere around where we were, maybe even lower."
BLS Report Found Surging Gas Prices in March
A recent report from the Bureau of Labor Statistics found that gas prices rose 21 percent in March, the largest monthly increase since 1967.
“The index for energy increased 10.9 percent in March, the largest monthly increase in the index since September 2005," the consumer price index report reads. "The gasoline index increased 21.2 percent over the month, the largest monthly increase since the series was first published in 1967. Before seasonal adjustment, gasoline prices increased 24.9 percent in March."
White House spokesperson Kush Desai wrote on X in response to the report that Trump has “always been clear about short-term disruptions as a result of Operation Epic Fury, disruptions that the Administration has been diligently working to mitigate.”
Is the Strait of Hormuz Open Amid Iran Ceasefire?
The U.S. and Iran have agreed to a temporary ceasefire following escalating threats from Trump, but the Strait of Hormuz has not reopened. The U.S. has initiated a naval blockade of the strait amid negotiations in an effort to put additional economic pressure on Iran. However, multiple ships have still passed through.
The strait lies between Iran to the north and Oman to the south, with shipping lanes passing through the territorial waters of both countries, but the strait is governed by international maritime law. Iran exerts significant influence because of its long northern coastline and control of nearby islands overlooking the narrow lanes, while Oman oversees the southern side.
Roughly 20 million barrels of oil per day, about one‑fifth of global petroleum consumption, normally pass through the strait, according to U.S. Energy Information Administration data. The waterway is also a critical route for liquefied natural gas (LNG), carrying about 20 percent of global LNG trade, largely from Qatar. Most of the oil shipped through the strait is bound for Asian markets, making disruptions especially significant for global energy prices.
Update 4/15/26, 3:11 p.m. ET: This article was updated with additional information.
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