(FOX NEWS) — Treasury Sec. Scott Bessent predicted that gas prices will be back to $3 a gallon by September 20 on Wednesday.

Bessent made the statement during a press conference at the White House, telling reporters that the drop could happen much sooner. He added that the timing depends on “how the negotiations go” with Iran.

“President Trump said this morning that he thinks we’re nearing the end. the U.S. kept their side on the ceasefire. We’ve stopped firing. The Strait of Hormuz have not been completely reopened. So we will see. And I’m optimistic, that during the summer we will see gas with a three in front of it sooner rather than later,” Bessent said.

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