Trump Remains Confident Gas Prices Will Fall Before 2026
Trump believes gas prices will fall once the operation in Iran ends.
President Donald Trump told The Hill he disagrees with Energy Secretary Chris Wright’s assessment that gas prices could stay high into 2027.
“No, I think he’s wrong on that. Totally wrong,” Trump said.
Trump believes gas prices will fall once the operation in Iran ends.
On Sunday, Wright told CNN that gas prices likely won’t drop below $3 a gallon soon:
Wright told CNN on Sunday that gas prices may not drop below $3 until next year amid shipping restrictions in the Strait of Hormuz.
“I don’t know. That could happen later this year. That might not happen until next year,” Wright said.
“But prices have likely peaked and they will start going down,” the secretary added. “Certainly, with a resolution of this conflict, you will see prices go down. Prices across the board on energy prices will go down.”
According to the U.S. Energy Information Administration, four factors affect gas prices:
- The cost of crude oil
- Taxes
- Refining costs and profits
- Distribution and marketing
People tend to forget about those taxes:
Federal, state, and local government taxes also contribute to the retail price of gasoline. The federal tax on motor gasoline is 18.40 cents per gallon, which includes an excise tax of 18.30 cents per gallon and the federal Leaking Underground Storage Tank fee of 0.1 cents per gallon. As of January 2026, state taxes and fees on gasoline averaged 33.55 cents per gallon. Sales taxes, along with local and municipal government taxes, may have a large effect on the retail price of gasoline in some locations.
People also forget that energy is considered volatile because of the constant change in price and availability.
As of Monday morning, the international benchmark for oil sits around $94. Who knows what it will be at the end of the day? That’s why people shouldn’t freak out about oil prices every day.
It also takes a bit for gas prices to adjust to oil prices due to the volatile nature of energy.
Why do I love Oklahoma? Our state average is $3.38 a gallon.
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Comments
I think Trump is right on this. While we have to consider the fungibility of oil, the U.S. is no longer reliant upon Islamic terrorist states for our domestic supply. I’m confident that the shooting is pretty much over and the only problem we’ll be facing is California’s refusal to embrace refining, which, along with confiscatory taxation, keeps their gas prices artificially elevated.
Just move the refining out of their state. Federal sovereignty means they can’t stop the drilling, only stall it with legal chicanery.
If you haven’t noticed California has already done a good job of getting all the refineries to close up shop and get out of California. That’s why they are now importing gasoline purchased from foreign countries and transshipping it through the Bahamas (to avoid the Jones Act) via the Panama Canal to ports in California. They’ve regulated and taxed the refineries out of existence in California and are now literally paying the price.
If California wants to shoot itself in the foot regarding gasoline prices then that’s purely California’s business. It’s not a problem that affects the rest of the United States only California’s citizens. And they get what they deserve.
eot
Trump Remains Confident Gas Prices Will Fall Before 2026
Before 2026, Mary? Where did Trump get a time machine?
I think they did Fall before 2026…it’s after 2026 that’s the problem.
To politicians, 2026 is just an election, not a whole year.
Central tx
$3:52/gallon
I think the headline is a typo, and should read “before 2027”.
Tack on ‘Midterm Elections’ and it makes sense.
Except that the story itself doesn’t support that. The story is about whether the prices will stay high into 2027. So I think it’s just a typo.
Uh, mine have gone down 30 cents this month. Not sure what what is going on.
But still higher than six months ago, I would assume, right?
And still lower than during Barry’s third term.
Oil supply disruption is gonna have lingering effects. Especially if the Iranian regime refuses to capitulate. Once they reach capacity on storage (almost there) they gotta shut down the wells which causes long term effects on production from those wells. Not an on/off switch proposition, it can cause diminished volume. Lots of Nations particularly in Asia had on hand stocks of oil they are now eating up so we haven’t hit max oil price for removal of Iranian oil from world market and disruption of other oil normally flowing through Strait of Hormuz. About half can be rerouted fairly quickly via existing but underutilized pipelines and/or new pipeline connections. Taking 10 million bpd out of world oil market will have a lasting impact on prices.
Bottom line is this is one reason nobody else was willing to take on Iranian regime so directly; too much potential flak about economic impact. Trump had the resolve to do it despite the economic consequences and political damage.
I could never live in CA just on account of those gas prices.
That’s insane.
Anyone north of $4 a gallon puts a serious crimp in my lifestyle.
The government has learned to do to RVing season what they do to Thanksgiving flights.