White House says gas prices could fall to $3 this summer

Treasury Secretary Scott Bessent said the White House is optimistic that U.S. gas prices will fall into the $3 range between June 20 and September 20, even as the national average recently climbed above $4 amid geopolitical disruptions.

U.S. gas prices have climbed past $4 per gallon, and the White House is urging patience. Treasury Secretary Scott Bessent said he is "optimistic" that prices will fall back into the $3 range sometime this summer and gave a window between June 20 and September 20. That outlook is more cautious than earlier estimates from other officials. The administration links recent price rises to geopolitical developments, including the Trump administration's military conflict with Iran and related disruptions in the Strait of Hormuz. What is known: - Treasury Secretary Scott Bessent said the White House expects gas to return to the $3 range between June 20 and September 20. - The U.S. national average recently rose above $4 per gallon, a level not seen since 2022. - Energy Secretary Chris Wright earlier said there was a "very good chance" gas would dip below $3 by the summer. - Officials attribute the recent spike to global events tied to the Trump administration's military conflict with Iran and the closure of the Strait of Hormuz. - U.S. officials are pursuing diplomatic talks after an initial round failed to produce an agreement, and Bessent said the timeline will depend on how negotiations proceed. Summary: White House officials describe the current rise in fuel costs as temporary and tied to international developments. They say future price movements will hinge on the outcome of ongoing diplomacy with Iran. Undetermined at this time.