Former President Donald Trump recently claimed that gasoline prices have dropped below $2 per gallon, sparking discussions about the accuracy of his assertion. Current statistics are telling a different story. According to the American Automobile Association (AAA), average gas prices in the U.S. have hit $3.165 per gallon. That’s an increase of almost two cents since last week. It’s $1.18 per gallon more than Trump said.
Over the past few weeks, gas prices have fallen by 11 cents a gallon. This drop comes as crude oil prices have crashed amidst increasing concerns over a recession. Fears of recession were fueled, in part, by the impact of Trump’s tariffs. That’s on top of OPEC+ producers flooding the market with their own supply. His comment is a reminder that, as Patrick De Haan, head of petroleum analysis at GasBuddy, just tweeted, real change can happen where you least expect it. Today’s national average gas price has decreased by 12 cents since last month and is 49.6 cents lower than the same time last year.
GasBuddy, which compiles extensive data from over 12 million price reports across more than 150,000 gas stations nationwide, has observed a slight rise in prices over the past week, with averages reaching $3.12 per gallon.
“Gasoline just broke $1.98 a Gallon, lowest in years.” – Donald Trump
While Trump’s statement suggests a nationwide trend, De Haan clarified that such a low price is not reflective of most consumers’ experiences. He pointed to examples of one-off stations in states such as Texas and Tennessee that occasionally provide prices even below $2.20. These cases are the exception, not the rule.
“In an apples to apples comparison, we have not seen a retail price available to everyone below about $2.20 a gallon,” said Patrick De Haan.
De Haan was careful to note that Trump’s big number misses a lot of key costs that go into setting gas prices. These costs such as taxes, tariffs, transportation, and credit card fees. This omission leads to a warped view of the consumer price consumers are paying at the pump.
“That price is not inclusive of anything. It excludes taxes, it excludes tariffs, transportation, the cost of doing business, credit card fees — I mean all of it,” he added.
Recent trends indicate that gas prices could potentially dip below $3 per gallon as refinery maintenance concludes and supplies increase in the U.S. For the moment, consumers are mostly encountering amounts far in excess of Trump’s announced cost.
There were broader Trump sentiments about the economy and inflation sprinkled into his most recent remarks.
“Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!!” – Donald Trump
Additionally, some consumers have shown prices as low as $1.99 per. Occasionally these deals are available through regular redemption of loyalty points, not just the regular fare which is available to all. The unfortunate reality is that for the average consumer, they are still dealing with prices much greater than what Trump has proposed.
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