President Donald Trump revealed that he is teaming up with Republicans in Congress to address the rising gas prices impacting Americans, as global instability and seasonal factors continue to push energy costs higher, according to the Daily Mail.
On Thursday, the average national gas price stood at $3.165 per gallon, slightly up from $3.125 a month earlier but lower than the $3.276 price seen in February 2024, according to AAA.
The increase in energy prices has posed a challenge to the president’s efforts to combat inflation. The added complications of tariffs and regular seasonal refinery maintenance have kept prices elevated, the Mail reported. However, Trump remains optimistic, proposing incentives for companies to keep their operations in the U.S. and working with Republicans in Congress to reduce taxes across the board, with the goal of lowering gas prices.
At a conference hosted by Saudi Arabia’s sovereign wealth fund in Miami on Wednesday, Trump announced that his proposed cuts would include “100% expensing for new factory construction in the United States.”
“As long as you invest in America, build in America, and hire in America, that means that I’m fighting for you,” he stated. While he did not specify any tax reductions for domestic oil and gas producers, Trump indicated that such cuts would be part of his forthcoming tax plan.
“I’ll be working with the Republican Congress to pass the largest tax cuts in American history. We’re going to dramatically cut taxes for families and for workers and for companies, including no tax on tips and hopefully no tax on Social Security and no tax on overtime,” he said.
Patrick De Haan, head of petroleum analysis at GasBuddy, shared on X, “#GasPrices continue to inch up thanks to seasonality and refinery snags out west. The national average stands at $3.164/gal, the highest level since mid-October and will likely rise another 15-55 cents over the next 8 weeks.”
Some experts argue that addressing traditional supply and demand dynamics is essential for lowering costs, with an increase in domestic production seen as a key solution.
“Price is defined by supply and demand, unless stronger forces like government policies and control outweigh market forces,” Karl Brauer, executive analyst at the automobile marketplace iSeeCars.com, explained to Newsweek.
“If the production of oil in the U.S. increases from more drilling and fewer restrictions, it will almost certainly mean a reduction in the cost of oil because the growing supply side of market forces will push prices down. This, in turn, could bring down the price of gas at the pump, as gas prices are largely determined by global crude oil prices.”
Trump also pledged to boost the Strategic Petroleum Reserve.
“The world runs on low-cost energy, and energy-producing nations like us have nothing to apologize for,” he remarked, emphasizing that the U.S. holds “more energy than any other nation in the world, and we’re going to use it.”
{Matzav.com}