Letter from the US: Trump and $1 gasoline
The oil and gas industry will replace its capital discipline with Trump compliance and consumers will benefit from lower gasoline prices
The incoming Trump administration wants low gasoline prices. The data makes clear that the high fuel prices of 2023 and early 2024 contributed to the president-elect’s victory, and a return of high prices in 2025 and 2026 could lead to significant Democratic gains in the midterm elections. Trump will try to prevent this by granting the oil industry’s wishes for less regulation and more leasing and then demanding large output increases to hold down prices. The 3:3:3:1 Plan The incoming president’s nominee for secretary of the treasury, Scott Bessent, has announced his ‘3:3:3 plan’. This entails increasing growth to 3%, cutting the budget deficit to 3% of GDP and raising US energy production b
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
