Energy

Scott Bessent Predicts Lower Gas Prices Ahead

Treasury Secretary Scott Bessent (Screenshot/Rumble/CSPAN)

Treasury Secretary Scott Bessent predicted in April that when the Iran war ends, heightened gas prices will return to pre-war levels.

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“Known in the energy business [as] a very steep backwardation, which means the future prices are much lower than we are at present,” he said. “That means the conflict will end. I think gasoline prices will come back to where they were, or perhaps lower.”