Treasury Secretary Scott Bessent says Ukraine’s ongoing attacks on Russian energy infrastructure are contributing to higher global oil prices as Americans face another painful surge at the gas pump.
Bessent addressed the issue Wednesday while discussing the Trump administration’s response to rising energy costs, which have become an increasingly important economic and political concern ahead of the November midterm elections.
“We are going through an energy shock right now,” Bessent said, pointing to conflicts involving both Ukraine and Iran as major factors disrupting global energy markets.
The Treasury secretary specifically singled out Kyiv’s campaign against Russian oil infrastructure as one source of upward pressure.
“Ukraine has decided that they want to blow up Russian energy assets and refined products,” Bessent said. “So that is creating upward price pressure on a global basis.”
Ukraine has increasingly targeted Russian oil refineries, storage facilities and other energy infrastructure as part of its effort to weaken Moscow’s ability to finance and sustain its nearly five-year war.
Those attacks have inflicted significant damage on Russia’s refining capabilities, but Bessent argued that disrupting Russian energy supplies also carries consequences for the broader international market.
The national average price for regular gasoline has climbed to approximately $4.12 per gallon, nearly $1 higher than it was a year ago.
Those increases present a political challenge for President Donald Trump, who has repeatedly made affordable energy a centerpiece of his economic agenda and has promised Americans lower prices through expanded production and new international agreements.
The administration is now pursuing several strategies designed to increase supply and bring prices back down.
Trump met privately Tuesday with representatives from the oil and gas industry, including retailers and refiners, as the White House looks for ways to reduce pressure at the pump.
The administration has also announced a major oil agreement involving Venezuela that covers 17 offshore fields containing an estimated 65 billion barrels of proven reserves.
Under the arrangement, the United States will have the ability to purchase a portion of Venezuelan production at the cost of production while receiving preferential access to additional output.
Trump has promoted the agreement as a way to significantly increase available supplies and ultimately drive gasoline prices lower for American consumers.
At the same time, the administration is confronting another major threat to global energy markets in the Middle East.
Iran’s attacks and the ongoing battle over the Strait of Hormuz have raised fears about disruptions to one of the world’s most important oil-shipping corridors.
Trump has been encouraging commercial shipping companies to continue using the Strait of Hormuz with American assistance despite the threat of Iranian attacks.
Bessent expressed confidence that the Iran conflict will eventually end and predicted that energy prices will decline when geopolitical tensions ease.
For now, however, the Treasury secretary says Americans are experiencing the effects of an international “energy shock” being driven by multiple conflicts simultaneously — including Ukraine’s increasingly aggressive campaign to destroy Russian energy infrastructure.
The post Scott Bessent Blames Ukraine’s Attacks on Russian Energy Sites for Higher Gas Prices appeared first on Real News Now.
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