I have written many times about the limited impact a sitting President can have on gasoline prices. Presidents can pursue policies that over a period of time can influence gasoline prices in one direction or another, but their ability to impact prices quickly is pretty limited.
However, this year President Trump did indeed impact gasoline prices.
Gasoline prices fell sharply because oil prices collapsed. President Trump influenced that by conning Saudi Arabia into increasing production and then letting Iran continue to export oil.
I would also point out that gasoline prices at this time of year are usually low, because seasonal demand is low (and it’s cheaper to produce winter gasoline).
For comparison, below is the national average retail gasoline price during the first week of January over the past 12 years.
Average national retail gasoline price during the first week of January.
Robert Rapier is a seasoned chemical engineer with three decades of international experience in the energy sector. He holds undergraduate degrees in chemistry and mathematics, and a master’s in chemical engineering. Robert has worked extensively in oil refining, production, synthetic fuels, biomass energy, and alcohol production, earning several patents along the way. As Editor-in-Chief of Shale Magazine and a prolific author for Investing Daily, he shares his expertise through various newsletters and his latest book, American Energy: A History of Power, Progress, and Change. Robert's insights have been featured on 60 Minutes, The History Channel, CNBC, and PBS, among others. His articles have appeared in top publications like the Wall Street Journal, Washington Post, and The Economist. For nearly a decade, he has covered the energy sector for Forbes.
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