How President-Elect Trump’s Win Could Change Gas Prices
Written by
T. Woods
Edited by
Amber Barkley
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President-elect Donald Trump’s historic win in the 2024 presidential election has already generated intense discussion as to how and why Trump was able to reconnect with the same electorate that voted him out of office in 2020 — with many experts noting that voters were, quite simply, tired of inflation and what they perceive to be too-high prices at the grocery store, with their bills and at the gas pump.
So, what can voters expect to see with regards to gas prices in the second Trump administration?
Gas Price Predictions
According to a recent report by Fox Business, Trump’s reelection could be a net benefit to oil companies overall, despite the fact that his response to “geopolitical tensions” might causes gas prices to spike in the short term.
Per a post on X by Patrick De Haan, the head of petroleum analysis at GasBuddy, Trump will most likely roll back restrictions on oil companies, which would help in production.
That said, Trump also may employ a number of sanctions on Iran — a country that exports approximately 1.7 million barrels per day — which would create a fuel vacuum that could spike gas prices in the short term, until U.S. oil and gas could then fill that void in a more long-term timeline, something that would be easier for them to do with the assumed rollback of restrictions.
The average price of gas as of Nov. 11 is currently $3.08, according to AAA, down from $3.38 in 2023. De Haan’s belief is that, spikes aside, the average price of gas would decrease to approximately $3.00 by the summer of 2025, and decrease to under $3.00 per gallon by 2025’s end.
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