President Donald Trump reaffirmed his call for lower gas prices following a decline in global oil costs, noting that the Freedom Fuel Network will lower gas prices in the Greater Philadelphia area ahead of the Fourth of July weekend.
Trump Touts Lower Gas Prices
In a post on the social media platform Truth Social on Wednesday, Trump said that global oil prices were “plummeting,” adding that gas prices were reducing, but “not as fast as they should be.”
He then said that a “very smart retailer” operating throughout the Northeastern part of the country was “stepping up” and lowering prices on July 3rd at 25 gas stations in the area.
“This Retailer is taking the lead, and others should follow,” Trump said, adding that the retailer was taking the step because “they love the U.S.A.”
He then shared that gas prices would soon be back to the “record low prices” before the “successful excursion” in Iran, he said in the post.
Source: Donald Trump via Truth Social
Refineries Face Issues
While Trump has been adamant about lowering costs, GasBuddy analyst Patrick De Haan said that lowering prices at the pump may not be as simple as it seems.
The analyst said that refineries were facing a heatwave, as well as the impact of Ukraine’s attack on Russian refineries, which have caused production challenges. “The President would love to see this magic ratio return, but that’s probably not gonna happen any time soon,” he said.
Meanwhile, Trump’s top economic advisor, Kevin Hassett, said that prices would drop at the pump once traffic through the Strait of Hormuz normalizes.
Iran War, Gas Prices
The President, during a recent press briefing, said that the talks with Iran were going well despite the Iranian leaders earlier refusing a direct meeting with U.S. envoy Steve Witkoff and Trump’s son-in-law Jared Kushner.
Notably, data from the American Automobile Association (AAA) showed that the national average for a gallon of gas was $3.8470 on Wednesday, with California and Hawaii continuing to command more than $5/gallon.
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