Treasury Secretary Scott Bessent signaled Monday that relief at the pump may be coming soon, as gas prices hover near $4.50 a gallon nationwide.
“Help is on the way,” Bessent said during an appearance on Fox News, pointing to improving supply conditions in global oil markets despite recent disruptions tied to tensions in the Middle East.
According to Bessent, the market has been running a shortfall of roughly 8 to 10 million barrels of oil per day due to instability around the Strait of Hormuz, a critical shipping route. But that deficit could quickly reverse.
He explained that oil tankers—each carrying about 2 million barrels—have been backed up due to the conflict, with an estimated 150 to 200 vessels waiting to move through the region. As those ships begin to transit, Bessent said the sudden influx of supply could stabilize prices.
“If you have four or five carriers a day moving through, that pent-up supply will hit the market quickly,” he said, adding that the situation could leave global markets “very well supplied” in short order.
The recent spike in gas prices has been driven largely by Iranian interference in the Strait of Hormuz amid escalating tensions involving the U.S. and Israel. The chokepoint disruption has rattled energy markets worldwide.
President Trump moved over the weekend to address the situation directly, announcing that the United States would assist in ensuring safe passage for commercial vessels.
“We will guide their ships safely out of these restricted waterways,” Trump said, emphasizing the importance of restoring normal trade flows for global stability.
U.S. Central Command confirmed Monday that American forces are actively securing the region. After Iranian forces reportedly fired on U.S. warships, six Iranian boats were destroyed in response. The Pentagon also confirmed that U.S. Navy destroyers are now escorting vessels through the Persian Gulf.
Two cargo ships successfully passed through the Strait on Monday under U.S. protection, signaling that efforts to reopen the vital corridor are already underway.
With military support increasing and a backlog of oil shipments poised to enter the market, administration officials are projecting that gas prices could ease in the coming weeks.
As of right now (May 5, 2026), the U.S. national average for regular gas is about $4.48 per gallon, according to AAA data.
