Summer gasoline prices in the U.S. are the lowest they’ve been in four years on the heels of President Donald Trump’s announcement of a halt to war in the Middle East.
The national average per-gallon price of gas has stayed at about $3.20 since Wednesday, the lowest price at this point in the calendar since June 2021, according to the American Automobile Association. The data counter widespread concerns that Trump’s military strikes on Iran — home of the world’s largest gas field — would come back to haunt him by rising energy costs for American consumers.
“Unlike the Biden-Harris administration, which significantly slowed the growth of American energy production and development, leading to skyrocketing gas and energy prices, the Trump administration is championing domestic energy production, restoring American energy dominance, and already lowering prices while strengthening our economy,” White House spokesperson Harrison Fields told the Daily Caller News Foundation.
Trump announced on Monday that his administration had successfully negotiated a ceasefire between Israel and Iran after the countries traded strikes for twelve days. The news came after Trump bombed Iran’s nuclear facilities on Saturday and pressured the nation to “make peace.” The ceasefire appeared to hold despite Iran’s meager retaliatory attack on a U.S. base in Qatar on Monday.
Energy experts previously told the DCNF that the war was unlikely to hurt American gas prices significantly, thanks to Trump’s policies boosting domestic fossil fuel production.
Former President Joe Biden was light on enforcing sanctions against Iran, allowing the country to enrich itself with oil revenues and build dominance in the global market. Meanwhile, Biden worked to hamper America’s own fossil fuel industry throughout his presidency under an environmental agenda.
Since Israel and America’s strikes, Iran has threatened to block the Strait of Hormuz, a key commercial choke point that affects the energy market around the world. Analysts previously told the DCNF that the U.S. see higher prices if that occurred, but its domestic energy production is strong enough to keep up.
“Our domestic production strength and growing export infrastructure make American oil and natural gas increasingly indispensable to global markets,” said Trisha Curtis, an economist at the American Energy Institute.
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