White House: Gas Prices Plunge Under Trump Policies

The White House on Monday celebrated a drop in oil and gasoline prices.

"Under Biden, gas prices were the highest they had ever been, even after he drained our strategic reserves to artificially decrease prices," the White House said in a statement.

"So far in President Trump's second term, Americans [are] on track to spend the lowest amount of their disposable income on gas in the last two decades amid the Trump Administration's pursuit of American energy dominance."

The nationwide average for regular gas is at its lowest level in nearly five years. According to GasBuddy, average gas prices have dipped below $3 per gallon in 37 states, below $2.75 per gallon in 22 states, and below $2.50 per gallon in five states.

In at least four states, gas dipped below $2 per gallon — with prices as low as $1.69 per gallon in Colorado.

The White House said national median rent also fell "for the fourth straight month," weekly jobless claims dropped to a three-year low, mortgage rates neared their lowest level in a year, and consumer sentiment spiked.

"That's all good news for American consumers — and much more progress is on the way," the White House said.

"After four years of Biden's reckless spending, open borders, and anti-energy policies that drove inflation through the roof and crushed working families, the momentum is now unmistakably in the right direction — and the Trump Administration will stop at nothing to make sure all Americans feel relief."

Patrick De Haan, the head of petroleum analysis at GasBuddy, told Newsweek that Trump "is not the reason for the drop."

"It's happening to global prices, though I'm sure like any politician, he may try to take credit for the good news, but it's effectively not his credit to take."

"Continued seasonal factors — refineries finishing maintenance and now boosting output, as well as oil prices being near multiyear lows," he said. "With refinery maintenance largely complete and OPEC increasing oil production for December, oil prices have struggled.

"Combine those factors and you have a solid recipe for continued downward pressure on gas prices in the weeks ahead."

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