WASHINGTON — Treasury Secretary Scott Bessent on Wednesday blamed Ukraine for causing high oil prices by attacking Russian energy targets — as the Trump administration scrambles to lower prices at the pump ahead of the Nov. 3 midterm elections.
Bessent’s remarks implicating Ukraine could serve as a warning to Kyiv, which has leaned on the US for military equipment to fend off Russia’s nearly five-year invasion.
“Ukraine has decided that they want to blow up Russian energy assets and refined products. So that is creating upward price pressure on a global basis,” Bessent told “Fox & Friends.”
Bessent said that prices reflect “an energy shock” associated with the wars in Ukraine and Iran.
“The conflict in Iran will end, and prices will come down,” he added.
The average national gasoline price is $4.12 per gallon — up nearly a dollar from one year ago, according to AAA data.
The cost to fuel vehicles is a perennial election issue, with higher prices around Memorial Day generally considered a bad omen for the ruling party ahead of November elections.
The Trump administration has taken a variety of actions to try to reduce gas prices — with President Trump privately meeting Tuesday with oil and gas retailers and refiners.
The White House on Monday announced an oil deal with Venezuela and a businessman, Alejandro Betancourt, who became a billionaire through allegedly corrupt deals with that country’s former socialist leaders.
The Venezuela deal encompasses 17 offshore oil fields with proven reserves of 65 billion barrels and entitles the US to purchase 20% of output at the cost of production and gives the right of first refusal over the remaining 80%.
Trump also has been working to encourage global shipping firms to transit the Strait of Hormuz with US assistance — despite the threat of Iranian attacks.
