Trump Says Gas Prices Won't Come Down Until After The Midterms: 'Going To Take a Little Bit Longer'
The administration is reviving Venezuelan oil output, easing refinery rules and meeting with producers as the U.S. average gas price reaches $4.11 a gallon, officials said.
- On Thursday, average gas prices stood around $4.11 per gallon, representing a roughly 90 percent increase year-over-year as high fuel costs become a focal point for Trump ahead of midterm elections.
- Insufficient global refining capacity drives sustained high prices, exacerbated by Middle Eastern refinery shutdowns and Russian diesel refinery damage from Ukrainian drone strikes affecting supply worldwide.
- Efforts to revive Venezuela's oil industry include easing sanctions, negotiating with interim leader Delcy Rodriguez, and facilitating Pentagon investment through North American Blue Energy Partners; Chevron announced doubling Venezuelan production.
- The Environmental Protection Agency terminated summer ethanol blending requirements and granted exemptions to refineries, while the White House met with refiners earlier in the week without releasing public statements.
- Industry experts estimate meaningful Venezuelan production increases require six to twelve months, creating doubt about price relief before midterms; a historic spike in the crack spread to over $70 per barrel enables substantial oil company profits.
10 Articles
10 Articles
Trump says gas prices will fall to $2 per gallon after midterms
President Donald Trump said that gas prices will decrease to $2 per gallon after the November midterm elections. “Right after the election, oil prices are going to be tumbling downward,” Trump told reporters on Wednesday, just before embarking on a flight to the Republican National Committee convention in Dallas. “They’re going to be tumbling down, […]
US President Donald Trump has claimed that oil prices will fall below $2 per gallon immediately after the election. He blamed the attacks in the Strait of Hormuz on American interests. Trump said the war with Iran will end soon, but there are no plans for negotiations.
With the midterms looming, Trump has no real way out of his gas price problem
President Trump has launched multiple initiatives to address high gasoline prices ahead of midterm elections, including Venezuelan oil production increases and renewable fuel mandate exemptions, though analysts say structural refining capacity shortages will persist.
President Donald Trump of the United States promised on Wednesday that after the November election, the country would cost less than $2 per gallon (3.8 litres).
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