Overview
- Treasury Secretary Scott Bessent said Wednesday on Fox & Friends and at the G20 finance meeting in Asheville that “prices are too high” and blamed an “energy shock” caused by Ukrainian strikes on Russian energy infrastructure and the war with Iran.
- Bessent also defended recent wage gains and argued that a collapsed Canada oil deal would have little effect on U.S. prices, while the administration points to easing headline inflation and other policy steps to lower costs.
- His public attribution of higher fuel costs to Ukraine prompted rapid criticism from commentators who said the comments risked appearing to side with Russia and undercut U.S. support for Kyiv.
- Reporting shows Bessent met with Russian Finance Minister Anton Siluanov at the G20 gathering, a move noted by outlets as part of wider U.S. diplomatic outreach to energy producers and firms to stabilize supply.
- Energy experts and coverage link current price pressure to reduced Russian refining capacity after Ukrainian attacks plus shipping risks from the Strait of Hormuz, which have pushed pump prices above $4 and made cost of living the top voter concern in recent polls.