Investing.com -- U.S. Treasury Secretary Scott Bessent called on gasoline retailers to reduce prices warning that the administration is monitoring the situation.

Bessent addressed retailers across different ownership structures, including those owned by major oil companies, independent operators, and international convenience store chains. He encouraged them to act responsibly during the nation's 250th anniversary celebration.

"I would encourage all the gasoline retailers, some of them are owned by Big Oil, some are independent, some are international convenience chains," Bessent said in an interview with Fox News.

The statement from Bessent followed a Monday warning from President Donald Trump, who demanded gas stations lower prices immediately or face consequences. Trump suggested retailers should aim for prices around $2.50 per gallon in a social media post. The United States marks its 250th founding anniversary on Saturday during the July 4th holiday.

President Trump last week announced that the Department of Justice is investigating ExxonMobil, Chevron and other oil companies over elevated natural gas prices.

"We are doing a big investigation on it," Trump said, addressing potential price gouging by oil companies at the gas pump.

Oil prices have increased this year following U.S. and Israeli strikes on Iran in late February. Iran responded with attacks on Israel and Gulf states hosting U.S. military bases.

High gasoline prices have become a concern for consumers as Trump and Republican lawmakers work to maintain their slim congressional majorities ahead of November's elections.