Unveiling Trump’s $1.98 Gas Price Claim: Where Does This Figure Come From?

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In a recent social media post, former President Donald Trump claimed gasoline prices have dropped below $2 per gallon. He stated, “Gasoline just broke $1.98 a gallon, the lowest in years.” Trump emphasized this drop in prices as a reason for the Federal Reserve to lower interest rates.

However, the reality is quite different. According to the AAA, the average price for gasoline in the U.S. is currently around $3.165 per gallon. That’s nearly $1.20 more than Trump’s claim. GasBuddy reported a smaller increase recently, with prices averaging $3.12 per gallon, marking the first rise in almost a month. Although prices have decreased over the last month, they remain significantly higher than Trump suggested.

It’s important to note that on the day Trump made his claim, RBOB gasoline futures briefly touched $1.98. However, this figure doesn’t represent what consumers pay at the pump. Patrick De Haan, a petroleum analyst at GasBuddy, explained that RBOB prices exclude various costs—like taxes and transportation—making them irrelevant for everyday drivers.

According to De Haan, some stations in states like Texas and Tennessee might offer lower prices, possibly around $2.20 per gallon. However, these are not widely available, and any prices below this often result from special promotions or loyalty programs. He pointed out, “No retail price available to everyone has been below about $2.20.”

Interestingly, gas prices in the U.S. may dip below $3 per gallon soon. As refinery maintenance ends and supplies increase, we could see the lowest pump prices since 2021.

Economic factors play a significant role too. Falling crude oil prices due to recession fears and increased supply from OPEC+ have helped. Some political commentators suggest this shift is a result of Trump’s earlier policies aimed at boosting American energy independence.

It’s a dynamic situation, with consumers closely watching how these factors will affect their budgets at the pump. As we observe these changes, social media trends around gas prices often reveal user frustrations, highlighting the everyday struggle with rising costs.

For the latest gas price data, you can refer to AAA and GasBuddy.

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