Treasury Secretary Scott Bessent on Wednesday blamed Ukraine for causing high oil prices by attacking Russian energy targets — as the Trump administration scrambles to lower prices at the pump ahead of the Nov. 3 midterm elections. Bessent said Ukraine has decided that they want to blow up Russian energy assets and refined products, creating upward price pressure on a global basis. He noted that prices reflect an energy shock associated with the wars in Ukraine and Iran.

The average national gasoline price is $4.12 per gallon — up nearly a dollar from one year ago, according to AAA data. The cost to fuel vehicles is a perennial election issue, with higher prices around Memorial Day generally considered a bad omen for the ruling party ahead of November elections. The Trump administration has taken a variety of actions to try to reduce gas prices — with President Trump privately meeting Tuesday with oil and gas retailers and refiners.

Ukraine’s intensifying attacks on Russian energy infrastructure are disrupting refinery operations, pushing one of the world’s leading oil producers and exporters to import petroleum products. The White House on Monday announced an oil deal with Venezuela and businessman Alejandro Betancourt, who became a billionaire through allegedly corrupt deals with that country’s former socialist leaders.