• Treasury Secretary Scott Bessent said the administration is preparing measures to address rising gas prices, with help expected soon.
  • The national average for regular gas is nearing $4.50 per gallon, intensifying political pressure for relief.
  • Policy options under discussion include a temporary suspension of the federal gas tax and other fiscal offsets.

Relief at the Pump?

Treasury Secretary Scott Bessent on Thursday signaled that the Biden administration is poised to act on soaring gasoline prices, stating that “help is on the way” for American households. Speaking at a press briefing, Bessent acknowledged the pain at the pump and indicated that policymakers are actively weighing measures to provide immediate relief.

“We understand the burden that high gas prices place on families, and now it is time to act,” Bessent said, according to people familiar with the matter. He declined to specify the exact tools under consideration, but sources close to the discussions say a temporary suspension of the federal gas tax is among the leading proposals. Lawmakers from both parties have been pressing the White House for emergency action as the national average for regular gasoline hovers near $4.50 per gallon, a level not seen in years.

The Treasury chief’s remarks come amid growing concern that sustained high fuel costs could weigh on consumer spending and complicate the Federal Reserve’s fight against inflation. Bessent noted that any relief package would need to be carefully designed to avoid market distortions, but he emphasized the urgency of easing the burden on Americans.

Political Calculus

The administration has faced mounting criticism from lawmakers over its energy policy, with Republicans blaming the White House’s climate agenda for restraining domestic production and Democrats urging immediate consumer relief. The debate has intensified ahead of key votes on energy legislation.

When asked about the timeline, Bessent said the Treasury is “working around the clock” with other agencies to finalize a plan. He declined to comment on whether the administration would also consider boosting domestic supply through executive actions.

Reaction from industry groups has been mixed. The American Petroleum Institute cautioned against temporary fixes that could disrupt markets, while consumer advocacy groups applauded the focus on relief.

Looking Ahead

If a gas tax holiday is enacted, it would require legislative approval, adding uncertainty to the timeline. Economists differ on the likely impact: some argue that a suspension would provide modest but immediate relief, while others warn it could boost demand and offset any price drop.

Bessent’s statement signals a shift toward more aggressive intervention, with the Treasury taking a leading role. The administration is expected to unveil a detailed proposal in the coming weeks.

Correction: An earlier version of this article incorrectly stated the national average gas price as exceeding $4.50. The current average is approximately $4.48, according to AAA data.