A gas station board in the US on 3 March
Trump’s gasoline price pledge paradox
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
US President Donald Trump has repeatedly promised to lower gasoline prices below $2/gal and mentioned relatively low prices in several states in his recent State of the Union address. However, this ambition conflicts with the “drill, baby, drill” mantra that characterised his election campaign because the low oil prices needed to reach that gasoline price often discourage oil companies from drilling more. Increased oil production from Venezuela could lower gasoline prices, but a significant increase in production in the Orinoco Belt remains several years away. The most immediate concern is the US war with Iran, which is pushing up crude oil and gasoline prices. It remains to be seen how long
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