U.S. Treasury Secretary Scott Bessent urged gasoline retailers on Tuesday to lower prices as the U.S. celebrates its 250th birthday this month and cautioned that the administration was watching, one day after a similar warning by U.S. President Donald Trump.
"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 in late February and Iran responded with its own attacks on Israel and Gulf states with U.S. bases.
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.