Gasoline prices in the United States could fall below $4 per gallon in the near future and return to the $3 range later this summer.

Axar.az reports, citing CBS, U.S. Treasury Secretary Scott Bessent made the statement while speaking to journalists.

He said Middle Eastern officials had indicated that oil production could resume within a week after the reopening of the Strait of Hormuz.

“I’m optimistic that sometime between June 20 and September 20 we can have $3 gas again,” he said.

It was also noted that the current nationwide average price for regular gasoline stands at $4.11 per gallon. A month ago it was $3.70, while a year ago it averaged $3.17.