The Donald Trump administration has again come under fire over remarks by one of its top officials tied to turbulent economic uncertainties amid the US’ ongoing war with Iran. In his attempt to reassure Americans that the international conflict, which is already believed to have cost billions of dollars so far, will end soon, US Treasury Secretary Scott Bessent sparked outrage said that while the surging inflation was “not nothing,” it was still costing “less than $200 in extra gasoline” prices.

Efforts to assuage the public fell flat as many lashed out at Bessent and called out his privileged position as a millionaire. With the controversial statements being delivered at the 2026 Reagan National Economic Forum in Simi Valley, California, on Friday (US time), the US Treasury Secretary’s net worth instantly came under intense scrutiny, with netizens pointing out that he was worth nearly a billion dollars.

“Yeah, for Scott, 200 dollars extra is nothing when you’re worth 700 million dollars,” one user argued.

What did Bessent say about gas prices?

In line with the big promises made by US President Donald Trump, Bessent reiterated, “The war will end. We’ll get to the other side of this.”

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That same day, the POTUS held a “Situation Room” meeting with top aides to make a “final determination” amid claims of ongoing negotiations with Iran to end the war and reopen the Strait of Hormuz. Although the White House issued an official update stating that the discussions lasted about two hours, no decision was announced.

Around the same time, Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said that while both nations continue to be in contact over a potential peace deal, a memorandum of understanding had not been finalised.

On the issue of the uncertain price hikes tied to the global conflict, Bessent continued, “The economy has been very resilient through all this. You know, look — for many families, it’s not nothing. But, it’s been less than $200 in extra gasoline cost.” Again playing the blame-game against the far left, he added, “all the Democrats want to talk about now is beef and gasoline,” noting that “last year, it was eggs, eggs, eggs.”

How much is Scott Bessent’s net worth?

Accusing him of downplaying the Iran war’s impact on the average American household and being “completely out of touch,” netizens instantly fired back at Bessent’s ultra-wealthy status after his remarks on Friday. Even US politicians joined the general public in tearing apart the Treasury Secretary’s claims.

“Is this a joke? Scott Bessent wants you to ignore the soaring cost of gas because he thinks $200 doesn’t matter. For many workers in Nevada, that’s an entire day’s pay erased!” US Senator Cortez Masto fumed on X. “This is what you get from an administration of out-of-touch millionaires and billionaires.”

Although the top Trump administration aide didn’t always lead a luxurious life, recent revelations suggest he’s not far from attaining billionaire status. Even the POTUS himself has previously described Bessent’s rise as the “American Dream.”

A financial disclosure filed with the US Office of Government Ethics in December 2024 listed his minimum net worth at $521 million. Thereafter, a June 2025 Forbes report estimated the macro investment firm Key Square Group founder’s net worth “somewhere in the ballpark of $600 million,” adding that he has ” long enjoyed displaying his wealth, buying and selling at least 20 homes over the years while assembling a collection of art and antiques.”

Back in December 2025, Bessent also disclosed he had divested his interests in a soybean farm, complying with the ethics agreement he signed after joining the administration. The move came months after the US Office of Government Ethics told the Senate Finance Committee in August that the top Trump aide had failed to comply with terms aimed at avoiding a potential conflict of interest.

“I’m involved in the agricultural industry. I run a soybean farm,” he told CBS at the time. “I actually just divested it this week as part of my ethics agreement. So I’m out of that business.”

The New York Times previously reported that Bessent owned as much as $25 million of soybean and corn farmland in North Dakota, which helped him earn a rental income of much as $1 million a year.

As of April 28, 2025, Bessent had yet to divest his Key Square Group hedge fund and other assets.

How much has the Iran war cost the US so far?

Offering a major update after the Pentagon said that the US’ war in Iran had cost $25 billion as of April 29, Jules Hurst, who is performing the duties of ‌the comptroller at the agency, told lawmakers on May 12 that the cost so far had hit $29 billion. No further explanation about how the figure was arrived at was offered at the time.

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“The joint staff team and the comptroller team are constantly looking at that estimate,” Hurst said in the presence of US Defence Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff, General Dan Caine.

On the other hand, data from financial risk assessment firm Moody’s Analytics shared with CNBC suggested that the average American household has spent $447.19 extra on rising energy costs since the Iran conflict began on February 28, 2026. Cumulatively, that has cost American consumers nearly $60 billion amid surging gas prices and airline fares.

“Unless the war ends soon, financially pressed consumers will have no option but to turn more cautious in their spending, threatening the already soft economy,” said the financial services company’s chief economist Mark Zandi, as quoted by CNBC. He also warned that if the current price levels persist, the average household could suffer a loss of almost $2,000 at the one-year mark of the Iran war.