Treasury secretary urges oil and gas companies to cut prices

The treasury secretary issued a warning to oil and gas companies on Tuesday, telling them to lower prices and act as "good actors" ahead of the country's 250th anniversary. "I would encourage them to be good actors, especially in the 250th anniversary, because we're watching," the treasury secretary said in the interview.

The treasury secretary also stated that oil companies were likely making record profits and that it was time to do something for the American people.

Presidential statement A day earlier, the president posted on social media that gasoline retailers must lower prices immediately because oil is now at $68 a barrel. The post warned that "big problems lie ahead" if prices do not drop.

Market and travel context Oil prices have fallen this month after the United States and Iran signed a memorandum of understanding to end their conflict. Brent crude is heading for its largest quarterly loss since 2020. The current national average for a gallon of gasoline stands at $3.85, lower than a month ago but higher than last year's Fourth of July levels.

A record 72 million people are expected to travel during the upcoming holiday weekend, according to AAA. Domestic car rentals are 10 percent more expensive than last year, and average domestic flight tickets cost $830.