US President Donald Trump is leaving after taking press questions about the South lawn by returning to the White House in Washington, DC, on May 4, 2025.
Alex Wroblewski | AFP | Getty images
President Donald Trump falsely claimed that the prices of gasoline fell below $ 2 per gallon, in his effort to convince the federal reserve to reduce interest rates.
“Essence has just broken $ 1.98 the Gallon, the lowest for years,” said Trump in an article on his social media platform Social truth Friday. “Consumers have been waiting for years to see prices drop. No inflation, the Fed should lower its rate !!!”
American drivers, however, paid an average of $ 3.165 per gallon, according to the AAA AAA ASSOCIATION. It is an increase of almost 2 cents last week and approximately $ 1.18 more per Gallon than Trump's claim.
Gasbuddy has also seen gas prices get up by about 2 cents During last week, at $ 3.12 Le Gallon, based on data with more than 12 million price reports covering more than 150,000 service stations across the country. The increase in this week is the first time that drivers have paid more at the pump in almost a month.
However, the average price of national gas is down 12 cents compared to last month and 49.6 cents below the same period last year, according to Gasbuddy Data.
Future RBOB FUTURES
Petrol rbob The future affected $ 1.98 per Gallon on Thursday, the day before the post of Trump. The contract is currently negotiated at around $ 2 after reaching a hollow of around $ 1.96 during the negotiation session on Monday. The RBOB contract, however, does not reflect what drivers are currently paying for the pump. The contract follows the essence roughly and unfinished before other costs are included, such as the mixture in ethanol to produce gas at retail.
CNBC asked if the president was referring to the RBOB, officials of the Trump administration underlined the recent contract price action.
Patrick de Haan, head of oil analysis in Gasbuddy, said that only analysts, wholesalers and fuel buyers in large store chains care about the RBOB.
“This price does not include anything. It excludes taxes, it excludes prices, transport, the cost of manufacturing, credit card costs-I mean all of this,” he said.
Petrol rbob
“This is not close to explaining what consumers pay,” added the analyst. “It would not be relevant for the consumer to know what is the price of the RBOB because they do not pay the wholesale price of the RBOB.”
The average price of the pump can fall below $ 3 the gallon
According to Haan, there are a few places where a consumer could pay less. The gas prices are in the range of $ 2.20 in certain individual stations in states such as Texas and Tennessee, he said
“Nothing in terms of retail sales that I have seen in the past two weeks, has not been less than $ 2 the Gallon,” he said. However, De Haan said that he had seen individual payments of $ 1.99 the gallon, but they reflect the loyalty buyouts that consumers use to reduce what they pay to the pump.
“In a comparison of apples to apples, we have not seen a retail price available to all the under $ 2.20 the Gallon, but what we have seen is that consumers can reduce their prices through the use of points and other promotions,” said Haan.
In the United States, gas prices could soon drop below $ 3 by Gallon while maintenance of refineries ends and supplies are increasing in the United States, said from Haan. Pump prices are currently at the lowest levels since 2021, said from Haan.
White House spokesperson Taylor Rogers said that gas prices have reached low records during Trump's first term and “again thanks to President Trump who unleashes American energy”.
Gas prices have dropped in the last month, while crude oil fell fears of recession due to Trump prices and OPEC + producers bringing more supply to the market.
“While some of the damage caused by Bidenomics persist, President Trump's economic agenda reduces the prices of American families to Lightning Speed,” said Rogers.
