How Could President-elect Trump’s Win Change Gas Prices?

President-elect Trump

How Could President-elect Trump’s Win Change Gas Prices?

President-elect Donald Trump’s historic win in the 2024 presidential election has already sparked intense debate about how and why Trump has managed to reconnect with the same voters who voted him out of office in 2020. Many experts note that voters are simply tired of inflation and what they see as skyrocketing prices at the grocery store, on their bills, and at the gas pump.

Gas Price Forecast

According to a recent report from Fox Business, Trump’s reelection could benefit oil companies, even though his response to “geopolitical tensions” could raise gas prices in the near term.

According to a post on X by Patrick DeHaan, head of petroleum analysis at GasBuddy, Trump is likely to lift restrictions on oil companies, which would help production.

However, Trump may also impose several sanctions on Iran — a country that exports nearly 1.7 million barrels per day — which could create a fuel vacuum that could push up gas prices in the near term until U.S. oil and gas can fill that void over a longer timeframe, something they will have an easier time doing with the supposed rollback of restrictions.

According to AAA, the average gas price as of Nov. 11 is $3.08, down from $3.38 in 2023. De Haan believes that, regardless of the spikes, the average gas price will fall to around $3.00 by the summer of 2025 and below $3.00 per gallon by the end of 2025.