FOR IMMEDIATE RELEASE
June 3, 2026
Contact: minority_jecpress@jec.senate.gov
NEW: Americans Have Paid $43 Billion More for Gas as Bessent Dismisses Rising Costs as a “Blip”
WASHINGTON – In response to Joint Economic Committee Ranking Member Maggie Hassan (D-NH)’s questions this morning, Secretary Scott Bessent called inflation under President Trump a “short-term blip.” Bessent also vastly underestimated increased gas, and overall costs, even as rising costs under Trump continue to burden hardworking families across the country.
The Joint Economic Committee – Minority calculated, as of today, the latest data on gas prices since the start of the Iran War:
- Americans have paid a total of $43 billion more for gas since the start of Trump’s war with Iran
- Today, the national average gas price is $4.26 per gallon, which is 43 percent higher than before President Trump began the war
- This means families have now paid $350 per household more in higher gas costs since the start of the war – despite Bessent stating today that households have paid $200 more
Ranking Member Hassan statement:
"President Trump's cost increases may be a ‘blip’ for billionaires like Scott Bessent, but it's real money for everyday Americans.”
Additional resources on increased costs under Trump:
- Updated State-by-State Cost Data: Families Have Spent $2,300 More Due to Inflation Under Trump
- New Data: Families Paid $310 More for Groceries During Trump’s First Year in Office
- Update: State-by-State Data — Annual Electricity Bills Up $110 Per Family in 2025
- NEW DATA: Since Iran War Began, New England Families Have Paid $200+ More to Heat Their Homes
Excerpt from today’s Senate Finance Committee hearing:
Sen. Hassan: Do you think about how the American people are paying more for gas, groceries, and utilities since the President clearly said he didn't? And you speak with the President regularly, are you trying to tell him the truth about how much costs have increased for the American people?
Sec. Bessent: I'm going to have to disagree with you on some of that, because I have groceries are going down, and to be clear, since President Trump took office food prices, or as many people like to call them, groceries, food at home in the statistical data ends up 2.5%.
Sen. Hassan: When is the last time you were at a grocery store? Because my husband and I were just in one, and the average Granite Stater has paid $3000 more since Donald Trump took office for basic goods and services. Meanwhile, the country lost 100,000 manufacturing jobs in 2025. So, do you tell the President this information or not?
Sec. Bessent: Except for inflation, which I believe is going to be a short-term blip, the economic data is very strong. The jobs data has been very strong. The manufacturing ISM has been very strong.
Sen. Hassan: Actually, that is incorrect…what is very clear to me is neither you, nor the President, nor this administration are willing to acknowledge how much more people are paying at the gas pump, the grocery store, in utilities, for health care, for all aspects of American life…
|
State |
Increase in Total Gasoline Spending Since Feb. 28 |
|
Alabama |
+$953,720,139 |
|
Alaska |
+$79,211,554 |
|
Arizona |
+$1,014,938,833 |
|
Arkansas |
+$419,451,260 |
|
California |
+$4,137,545,623 |
|
Colorado |
+$730,189,227 |
|
Connecticut |
+$481,810,560 |
|
Delaware |
+$138,711,928 |
|
District of Columbia |
+$31,935,044 |
|
Florida |
+$2,946,680,516 |
|
Georgia |
+$1,258,060,052 |
|
Hawaii |
+$111,508,776 |
|
Idaho |
+$271,509,656 |
|
Illinois |
+$1,501,178,235 |
|
Indiana |
+$909,380,002 |
|
Iowa |
+$467,771,163 |
|
Kansas |
+$428,633,679 |
|
Kentucky |
+$734,415,739 |
|
Louisiana |
+$657,832,744 |
|
Maine |
+$218,537,869 |
|
Maryland |
+$653,728,818 |
|
Massachusetts |
+$739,809,017 |
|
Michigan |
+$1,366,193,644 |
|
Minnesota |
+$592,559,439 |
|
Mississippi |
+$500,800,150 |
|
Missouri |
+$885,242,834 |
|
Montana |
+$172,075,751 |
|
Nebraska |
+$231,079,676 |
|
Nevada |
+$377,710,577 |
|
New Hampshire |
+$204,905,262 |
|
New Jersey |
+$1,097,773,931 |
|
New Mexico |
+$296,082,680 |
|
New York |
+$1,509,917,826 |
|
North Carolina |
+$1,539,979,031 |
|
North Dakota |
+$119,507,280 |
|
Ohio |
+$1,594,344,668 |
|
Oklahoma |
+$551,941,144 |
|
Oregon |
+$401,963,519 |
|
Pennsylvania |
+$1,267,960,765 |
|
Rhode Island |
+$105,919,355 |
|
South Carolina |
+$840,959,267 |
|
South Dakota |
+$120,785,412 |
|
Tennessee |
+$1,122,919,408 |
|
Texas |
+$4,408,918,531 |
|
Utah |
+$501,567,616 |
|
Vermont |
+$78,246,942 |
|
Virginia |
+$1,307,864,945 |
|
Washington |
+$694,698,768 |
|
West Virginia |
+$225,567,930 |
|
Wisconsin |
+$824,850,839 |
|
Wyoming |
+$92,500,927 |
|
United States |
+$41,461,782,607 |
|
Source: Daily data on average gasoline prices from AAA.com through June 3rd, 2026, state-by-state data on gasoline consumption from the Federal Highway Administration, and national data on gasoline demand from the Energy Information Administration |
|
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