Bessent WARNS gas retailers as oil prices PLUMMET

[00:00:00] Speaker 1: INNOVATION THAT MAKES TRESHERY SECRETARY SCOTT BESSEN HAPPY BECAUSE IT MEANS MORE REVENUE INTO OUR COFFERS. MR. SECRETARY, GREAT TO SEE YOU. GOOD TO SEE YOU ALL. JUST PUNCHED A SECOND TO ME. WANT TO GET TACKED? WE APOLOGIZE. I'M PRETTY SURE WE KNOW HE CAN HANDLE HIMSELF BY THE WAY HE'S HANDLED THE FIRST YEAR AND A HALF. HE'S THE ONE GUY THAT PUNCHES BACK. I CAN TAKE BRIAN. I DON'T KNOW IF I CAN, MART. I DON'T KNOW HOW I FEEL ABOUT THAT. BUT YOU'RE DRESSING A LOT LIKE ME. FIRST OFF, YOUR FEELING ABOUT BEING HERE TODAY AS TREASURY SECRETARY. LOOK, THIS IS A HISTORIC TIME. [00:00:30] Speaker 2: BUT, BRIAN, I THINK YOU AND I ARE THE ONLY ONES OLD ENOUGH TO REMEMBER THE BICENTINIAL. I REMEMBER COMING INTO UNION STATION. IT HAD JUST BEEN REDONE IN 1976. AND IT WAS INCREDIBLE. AND TO BE PART OF THAT AGAIN IS AN HONOR TO BE PART OF THE ADMINISTRATION. BUT JUST TO SEE THIS CELEBRATION OF THE AMERICAN PEOPLE. I GAVE A SPEECH THE OTHER NIGHT AT THE ECONOMIC CLUB OF NEW YORK AND I SAID, YOU KNOW, OUR FOUNDING FATHERS COULD NOT HAVE IMAGINED WHAT THEY WOULD HAVE CREATED. THIS DYNAMIC FREE SOCIETY AND THE INNOVATION AND WHAT WE HAVE DONE TO NOT ONLY FURTHER THE AMERICAN DREAM BUT TO LIFT THE REST OF THE WORLD OUT OF POVERTY TO DEFEND THE WORLD DURING TWO WORLD WARS TO LEAD. I MEAN, IT IS INCREDIBLE WHAT THEY CREATED 250 YEARS AGO. [00:01:16] Speaker 3: WELL, AND AS TREASURY SECRETARY, OUR ECONOMY IS DOING REALLY WELL. WE'RE SEEING GAS PRICES STARTING TO GO DOWN AGAIN. AND THESE TRUMP ACCOUNTS, IT'S FREE MONEY. IF YOU HAVE A BABY THAT WAS BORN BETWEEN JANUARY 1, 2025, YOU CAN RECEIVE -- I'M SORRY, JANUARY 1, 2025, AND DECEMBER 31, 2028, YOU CAN RECEIVE $1,000 GOVERNMENT CONTRIBUTION. THAT'S FREE MONEY. [00:01:36] Speaker 2: THAT'S FREE MONEY. THAT'S FREE MONEY. THAT'S SEED MONEY FOR THE TRUMP ACCOUNTS. I WOULD ENCOURAGE EVERYONE WITH A CHILD 18 OR UNDER TO OPEN THE ACCOUNTS BECAUSE MANY CORPORATIONS, WE'VE GOT OVER 80 CORPORATIONS THAT ARE GOING TO PUT MONEY INTO TRUMP ACCOUNTS. WE'VE GOT GREAT FILANTHROPISTS LIKE SUSAN AND MICHAEL DELL, THEY'RE PUTTING $6.25 BILLION FOR THE YOUNG PEOPLE WHO LIVE IN ZIP CODES IN THE BOTTOM 80% OF THE INCOME BRACKETS. THAT'S ABOUT $250 PER ACCOUNT RIGHT THERE. AND THEN WE'VE GOT OTHER PEOPLE. HAROLD HAM HAS ADOPTED OKLAHOMA. RAY DALIO AND HIS FOUNDATION HAVE ADOPTED CONNECTICUT. SO -- AND WE THINK THAT UP TO 20 STATES MAY ALSO CONTRIBUTE TO THESE TRUMP ACCOUNTS. THESE TRUMP ACCOUNTS. THESE TRUMP ACCOUNTS HAVE DONE. THIS IS A GAME CHANGER. 38% OF AMERICAN HOUSEHOLDS DO NOT OWN EQUITIES. AND, YOU KNOW, OUR GOAL IS TO PUSH THIS OUT TO TEACH FINANCIAL LITERACY AND TO BRING EVERYONE [00:02:35] Speaker 4: INTO THE AMERICAN DREAM. ALL RIGHT. AND SO, MR. SECRETARY, ONE OF YOU GUYS' IDEA WAS TO GET THE GAS PRICES BACK DOWN. BEFORE THE WAR, THEY WERE DOWN. WHEN THE WAR HAPPENED, THEY WENT UP. IT HAS BEEN SAID THAT THEY'RE TRUMP ACCOUNTS. IT HAS BEEN SAID THAT THEY'RE [00:02:51] Speaker 2: TRUMP ACCOUNTS. IT HAS BEEN SAID THAT THEY'RE TRUMP ACCOUNTS. DO YOU BELIEVE THAT TO BE TRUE? WE'LL SEE, ORIENTH. WE'VE GOT A CHART OF HOW QUICKLY THE PRICES WENT UP AND HOW THEY FOLLOWED CRUDE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. WE'LL SEE THE GASOLINE. [00:03:21] Speaker 1: I WOULD ENCOURAGE THEM TO BE GOOD ACTORS, ESPECIALLY IN THE 250th ANNIVERSARY BECAUSE WE'RE WATCHING. NOW IT'S DOWN TO 50% HIGHER, 50 CENTS HIGHER THAN IT WAS A YEAR AGO TODAY. NOW YOU HAVE THE BARREL OF OIL. $70 WHEN YOU STARTED, $71? $71? $71. WE'LL SEE HOW MUCH FLOWS THROUGH AND THE GASOLINE SAYS IT GOES UP LIKE A ROCKET, IT FALLS LIKE [00:03:40] Speaker 2: A FEATHER. CAN YOU PUT THAT IN LAYMAN'S TERMS? YEAH, THAT'S WHAT I WAS JUST SAYING IS THAT, YOU KNOW, AT THE PUMP, THEY WATCH THE OIL PRICE GO UP AND THE GASOLINE PRICES ARE GOING UP AND THEY MAY ALREADY HAVE GASOLINE AND STORAGE SO THEY'RE MAKING AN EXTRA MARGIN THERE AND THEY PROBABLY HAD RECORD PROFITS ON GASOLINE RETAILING. NOW IT'S TIME TO DO SOMETHING FOR THE AMERICAN PEOPLE. [00:04:05] Speaker 3: THE ADMINISTRATION SAYS YOU GUYS ARE SAYING YOU'RE ENTERING -- OUR COUNTRY IS ENTERING THE GOLDEN AGE. WHAT DOES THAT MEAN FOR THE FUTURE OF AMERICA FOR THE NEXT YEAR? [00:04:14] Speaker 2: I WANT TO COME BACK ON THE TRUMP ACCOUNTS FOR A MINUTE BECAUSE PART OF THE GOLDEN AGE IS THESE ACCOUNTS ARE GOING TO BE INVESTED IN LOW COST INDEX FUNDS, YOU KNOW, A NEGLEGIBLE MANAGEMENT FEE AND EVERYONE IS GOING TO PARTICIPATE IN THE GOLDEN AGE, THE AMERICAN DREAM. AND, YOU KNOW, I THINK WE ARE AT THE EDGE OF AN INNOVATION WAVE THIS IS WHAT WE ARE SEEING HERE. WE ARE RESHORING MANUFACTURING UNDER PRESIDENT TRUMP'S POLICIES. THE UNITED STATES IS THE BEST PLACE IN THE WORLD TO BRING, BUILD YOUR FACTORY, HAVE TAX CERTAINTY, REGULATORY CERTAINTY, WHICH IS SOMETHING THIS ADMINISTRATION HAS REALLY DONE, AND ENERGY CERTAINTY. AND, YOU KNOW, BACK TO THE GASOLINE PRICES, DURING THE IRAN CONFLICT, THE U.S. ECONOMY POWERED THROUGH IT. THE ECONOMY HAS BEEN VERY STRONG, WE HAVE BEEN CREATING ABOUT 170,000 -- I MEAN, 170,000 JOBS A MONTH DURING THE CONFLICT, AND I WOULDN'T BE SURPRISED, I HAVEN'T SEEN THE NUMBER, IF THIS MONTH'S JOB NUMBER IS VERY STRONG. AND, MORE IMPORTANTLY, I DON'T THINK WE'RE GOING TO GET ONE OF THESE BIG REVISIONS LIKE WE'VE HAD THE PAST TWO YEARS WHEN THEY SAID, OH, WE DIDN'T MEAN IT. MR. ZICKER, WHAT ABOUT THE UNSANCTIONED OIL THAT THE IRANIANS CAN NOW SELL ON THE MARKETPLACE RIGHT NOW? YEAH, SO THAT WAS AN [00:05:26] Speaker 4: ACCOMMODATION. WE HAVE OPENED THE STRAIGHT OF REMOVES, WE'VE REMOVED THE BLOCKADE, TREASURY, AT THE [00:05:33] Speaker 2: WE RECEIVED INSTRUCTIONS TO UNSANCTIONED IRANIAN OIL. WHAT'S VERY INTERESTING IS NO ONE OTHER THAN CHINA WHO WAS ALREADY BUYING IT WHEN IT WAS SANCTIONED HAS BOUGHT IT. SO IT'S STILL TRADING AT A DISCOUNT TO CHINA, AND THE IRANIANS THUS FAR HAVE NOT BEEN ABLE TO SELL THEIR OIL BECAUSE THE BUYERS ARE LEAVING IT. THE IRANIANS THUS FAR HAVE NOT BEEN ABLE TO SELL THEIR OIL BECAUSE THE BUYERS ARE A LITTLE LEARY OF WILL IT BE RESANCTIONED, WILL I GET IN TROUBLE WITH TREASURY. SO THIS IS A REASON FOR THE IRANIANS REALLY TO EMBRACE THESE NEGOTIATIONS. [00:06:12] Speaker 1: RIGHT. $10 BILLION THEY EXPECT TO MAKE WHEN YOU LIFT THE SANCTION BUT YOU'RE SAYING THEY HAVE NOT MADE THAT. WELL, THAT'S NOT A REAL NUMBER, [00:06:19] Speaker 2: BRIAN, BECAUSE 10 BILLION, THEY WOULD HAVE GOTTEN EIGHT OR NINE FROM CHINA, RIGHT? SELLING AT A DISCOUNT. SO THEY'RE SELLING AT A DISCOUNT. SO IT'S JUST THE INCREMENTAL IS WHAT THEY WILL MAKE. AND, YOU KNOW, WE'VE SEEN OIL PRICES REALLY PLUMMET HERE. WE'RE BACK TO BELOW THE FEBRUARY 27TH LEVELS. AND I THINK WE CAN KEEP GOING [00:06:39] Speaker 1: LOWER. I HOPE KUSHNER AND WITKOFF KEEP YOU INVOLVED BECAUSE YOU KNOW MORE ABOUT SANCTIONS THAN ANYBODY IN THE COUNTRY. [00:06:44] Speaker 2: IT'S BEEN A FULL TEAM EFFORT FOR ACROSS THE ENTIRE ADMINISTRATION, WHETHER IT'S THE NEGOTIATING TEAM, STATE, TREASURY, DOW. IT'S BEEN AN INCREDIBLE TEAMWORK, OBVIOUSLY WITH THE PRESIDENT'S [00:07:00] Speaker ?: LEADERSHIP. [00:07:00] Speaker 2: AND YOU'VE DONE AN INCREDIBLE JOB. THANK YOU SO MUCH. [00:07:03] Speaker 4: AND YOU'VE DONE AN INCREDIBLE [00:07:04] Speaker ?: JOB. THANK YOU SO MUCH.