By Charles Switzer
2:55pm PDT, May 3, 2025
The Fox Business Interview and Bessent's Gas Price Claim
On Thursday, May 1, during an appearance on
Fox Business Network's Mornings With Maria, Trump Treasury Secretary
Scott Bessent made a surprising and widely criticized claim regarding gas prices.
In a conversation with host
Maria Bartiromo, Bessent tried to defend President
Donald Trump's economic policies amidst ongoing concerns in the bond and currency markets.
Bartiromo pressed Bessent about market fluctuations, asking him to comment on the state of the 10-year yield and the dollar's recent performance.
However, the conversation soon veered toward gas prices, with Bessent stating, "I am told that in parts of Florida, gasoline is $1.93, and that's an automatic tax cut for the American people." He continued, "So, we're probably going to see a lot more car travel this summer."
Here's everything Bessent revealed.
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The Reality of Gas Prices
Scott Bessent's statement was at odds with the actual gas prices across the U.S. According to AAA, the national average for gas stood at approximately $3.18 per gallon as of Friday, May 2. In Florida, while gas prices were somewhat lower than the national average, they still hovered around $3.16 per gallon, with the lowest reported price being $2.78. This discrepancy led many to question the credibility of Bessent's claims.
Maria Bartiromo responded by raising concerns about the bond market and other economic issues, but Bessent remained optimistic about the economic outlook, asserting, "Energy is down substantially," and that this would lead to "non-inflationary growth like President Trump had in his first term."
Bessent's Attempt to Defend Trump's Economic Legacy
Throughout the interview, Scott Bessent attempted to highlight what he viewed as positive results of Donald Trump's policies, such as decreasing inflation and the potential for growth. "We had the biggest decrease in energy prices for a single month in years," Bessent claimed. "I think our policies are going to bring down inflation."
Maria Bartiromo asked if these economic benefits would offset the possible risks of a recession, and Bessent continued to push the narrative of a robust economy under Trump's leadership. He reiterated that Trump's focus on trade and tariffs would lead to "non-inflationary growth," although critics remained unconvinced.
Previous False Claims About Gas Prices
This isn't the first time the Donald Trump administration has faced scrutiny for claims about gas prices.
Back in April, President Trump made
similar claims about gas prices, stating that they had dropped to $1.98 per gallon in some states. Fact-checkers quickly debunked this assertion, noting that no state had an average price below $2.70 per gallon. The lowest price reported was $2.19 per gallon at a station in Texas.
Trump doubled down on this statement, claiming that three states had reached the $1.98 mark, but once again, there was no factual basis for his claim. These repeated inaccuracies regarding gas prices continue to fuel public skepticism and have been heavily criticized by economists and the public alike.
The Broader Implications of the Economic Strategy
Scott Bessent's assertions about the economy and gas prices reflect a broader strategy by the Donald Trump administration to frame economic challenges as temporary setbacks. While he emphasized the administration's commitment to lowering energy costs and promoting growth, many analysts argue that the current reality of rising prices, tariff impacts and market instability paints a different picture.
In a landscape where economic uncertainty continues to grow, especially with trade policies and fluctuating tariffs, Bessent's optimistic remarks appear disconnected from the reality faced by American consumers and businesses. Social media users continue to express frustration with the administration's portrayal of the economy, pointing out the stark contrast between official statements and the actual economic conditions.
As the administration moves forward, it remains to be seen how these claims will affect public perception and the broader economic recovery. However, with gas prices and other costs still high, many are questioning whether the economic policies implemented during Trump's tenure are as effective as his supporters claim.
