A Friday morning social media post by former President Donald Trump has stirred controversy after he claimed that gasoline prices have dropped to “just $1.98 a gallon.” However, fuel tracking company GasBuddy and the American Automobile Association (AAA) are pushing back, stating that no such prices currently exist across the United States.
Trump’s Social Media Statement
In a post on Truth Social, Trump asserted that the U.S. is experiencing economic highs, with historically low fuel prices among the chief indicators. “Gasoline just broke $1.98 a gallon, lowest in years, groceries (and eggs!) down, energy down, mortgage rates down, employment strong, and much more good news, as Billions of Dollars pour in from Tariffs,” he wrote.
The statement immediately caught the attention of economists and fact-checkers, particularly the claim about sub-$2 gas, which has not been seen in many parts of the U.S. since the height of the pandemic in 2020.
GasBuddy Disputes Claims
Patrick De Haan, head of petroleum analysis at GasBuddy, quickly refuted the claim. “We don’t have any data showing any individual stations below $2 a gallon today, nor have we really seen any of that in the last several weeks since these claims have started,” De Haan said in a statement to NewsNation.
According to GasBuddy’s nationwide fuel tracker, the lowest gasoline price as of Friday was $2.63 per gallon in Mississippi. AAA’s data corroborated this, placing the national average at $3.18, with no prices below $2.61 recorded anywhere in the country.
Tariffs and Fuel Prices: A Complex Relationship
Trump’s post also credited “billions of dollars” in revenue from tariffs for the alleged economic gains. However, economists caution that tariffs—especially those on energy-related imports—can have the opposite effect on gasoline prices.
Earlier this year, Trump’s administration reinstated some trade tariffs, though many originally announced in March were later suspended or scaled back. Analysts had warned at the time that these measures could lead to price volatility, particularly in energy markets.
“Tariffs might bring in revenue, but they usually translate into higher costs for consumers, not lower,” said Dr. Elaine Parker, an energy policy expert at Georgetown University. “It’s highly unlikely they would be driving down fuel costs.”
Canada’s Role and Energy Policy Shifts
The U.S. relies more on oil imports from Canada than from any other country. With Mark Carney recently assuming office as Canada’s Prime Minister, Trump’s evolving relationship with the Canadian leader could impact energy trade policies moving forward.
In January, Trump signed an executive order aimed at boosting domestic energy production through increased offshore drilling and exploration of federal lands. While the administration touts this as a move toward energy independence, environmental groups and market analysts argue the policy may take years to bear economic fruit, if at all.
Fueling the Election Narrative
As the 2024 presidential campaign ramps up, Trump’s economic assertions, particularly on energy prices, are becoming central to his platform. However, with data from fuel trackers and economists painting a different picture, voters may find themselves navigating conflicting narratives.
While Trump may continue to tout an economic resurgence, the numbers at the pump tell a more sobering story.
