U.S. Treasury Secretary Scott Bessent said Tuesday that gasoline retailers should lower pump prices as crude-oil costs decline [1, 2].

The warning comes as the administration seeks to reduce inflation and lower fuel costs for American families by ensuring that savings from falling oil prices reach the consumer [2, 3].

Bessent made the remarks during an appearance on Fox & Friends and at the Great American State Fair event [1, 2]. The fair was held as part of the United States 250th birthday celebration [3].

Bessent called for retailers to adjust their pricing models to reflect the current market. "Drop the price," Bessent said [1].

The Treasury Secretary said the administration is monitoring the behavior of gas stations to ensure they are not maintaining high prices while wholesale costs fall. "We're watching," Bessent said [2].

Retailers often face criticism for "rockets and feathers" pricing, where pump prices rise quickly when crude oil spikes but fall slowly when oil prices drop. By urging immediate cuts, Bessent is attempting to accelerate the timeline for consumer relief at the pump [2, 3].

“"Drop the price."”

This move signals a more aggressive approach by the Treasury Department to influence retail pricing through public pressure. While the U.S. government does not set gas prices, high-profile warnings from the Treasury Secretary can pressure retailers to lower margins to avoid political scrutiny or potential regulatory investigations into pricing practices during periods of falling wholesale costs.