Gas prices have come down from a high of over $4 earlier this year, but President Donald Trump wants them to come down even further. He reprimanded gas retailers in a social media post to kick off the week leading up to July 4.
“Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south,” the president said on Truth Social Monday.
By Tuesday, prices had slipped from more than $3.90 on Monday to $3.82 Tuesday, according to AAA data. However, the were still higher than last year. After Trump announced that the U.S. joined Israel to attack Iran in February and Iran blocked the Strait of Hormuz – an important transportation route for oil – gas prices around the world quickly increased.
Prices have started coming down amid ongoing peace talks between the U.S. and Iran. Still, Patrick De Haan of GasBuddy noted that there are some “unwarranted and ridiculous” spikes this week in Florida and Michigan.
“The price cycles today in Florida and Michigan are absolutely wild to me and nearly impossible to justify with retail prices over $1/gal higher than spot/wholesale price. Though taxes, transportation, etc need to be added, this is a very lofty mark and is extremely frustrating,” De Haan said on X.
While Trump mentioned that crude oil prices were down, oil market researcher Rory Johnston clarified that crude oil and gasoline are different, but connected commodities. Prices don’t always line up, he explained.
In fact, Johnston said in a Monday X post that “crude market currently loose (yep, temporarily, surprising but true), but gasoline [is] near its tightest ever relative to crude.”
As prices come De Haan also sees concerns regarding-year-over-year prices going forward, including a U.S. heat wave that could impact oil refinery output and slow traffic through the Strait of Hormuz. He said Indiana is the only state that doesn’t have higher gas prices than last year, but that it will “likely see that gap end in about a week without intervention.”
“The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!” said Trump, who saw his approval ratings slip when prices got higher at the pump, in his Monday post. “There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline. Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government,” he said of the state led by Democratic Gov. Gavin Newsom, a frequent political rival of Trump’s.
In a clapback on X, Newscom’s office said: “REMINDER of what Trump said on March 12: “When oil prices go up, we make a lot of money.”
Despite the challenges noted by gas experts, Fortune noted that “Trump has attempted to shift market prices through the sheer force of his rage before.” POLITICO also said some experts failed to “imagine how handily the president could bully the markets into submission.”
We’ll see if Trump’s will can help prevent a potential “quick spike” in oil prices that Johnston and other experts said is still possible due to market uncertainty. Many of the factors that could cause prices to rise again are technically out of his control.
