‘Less Than $200 in Extra Gasoline Cost’: Scott Bessent Attempts to Quiet Economic Fears

During an appearance at the 2026 Reagan National Economic Forum on Friday, Treasury Secretary Scott Bessent, in an attempt to quiet fears on the economy, said that Americans were only facing “less than $200 in extra gasoline cost.”

From the economic event in Simi Valley, CA, Bessent addressed the economic stressors of many Americans, including the ongoing impact of President Donald Trump’s war with Iran.

“The war will end. We’ll get to the other side of this,” Bessent promised the crowd on Friday. “The economy has been very resilient through all this. You know, look — for many families, it’s not nothing. But, it’s been less than $200 in extra gasoline cost,” adding that “all the Democrats want to talk about now is beef and gasoline” and that “last year, it was eggs, eggs, eggs.”

Per CNBC anchor Steve Liesman on Friday morning, however, the war in Iran has cost Americans an extra $59 billion on gas, diesel, and jet fuel since it started in February.

He went on to emphasize that this year’s larger-than-expected tax refunds aren’t large enough to cover the extra gas cost for each American, with an average of $447 each in extra costs versus a $384 average refund increase — notably more than Bessent’s cited $200.

Liesman then cited Mark Zandi from global financial services company Moody’s as saying, “Unless the war ends soon, financially pressed consumers will have no option but to turn more cautious in their spending, threatening the already soft economy.”

The CNBC anchor concluded, using Zandi’s estimates, that “if we go on the way we’ve been going, prices stay at the current level, it’s gonna be about a $2,000 hit per household” by the war’s first anniversary.

As for Bessent himself, a 2025 Forbes report surmises his net worth is “somewhere in the ballpark of $600 million,” noting that he “has long enjoyed displaying his wealth, buying and selling at least 20 homes over the years while assembling a collection of art and antiques.”

Watch the clip above via C-SPAN.

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