President Donald Trump announced this week that he will be working with Republicans in Congress to ease the pain at the pump felt by Americans, as global uncertainty and seasonal trends continue to force gas prices higher, the Daily Mail reported.
On Thursday, the average national gas price was $3.165 per gallon, up from $3.125 a month ago but down from February 2024's price of $3.276, according to AAA.
The rising cost of energy has put a dent in the president's plan to bring down inflation, and the additional threat of tariffs coupled with seasonal refinery maintenance has kept prices high, according to the Mail. Yet Trump sees hope in offering companies incentives for keeping manufacturing in the U.S. and working with Republicans in Congress to lower taxes across the board, aiming for a reduction in gas prices.
Speaking at a conference hosted by Saudi Arabia's sovereign wealth fund in Miami on Wednesday, Trump said his cuts will include "100% expensing for new factory construction in the United States."
"As long as you invest in America, build in America, and hire in America, that means that I'm fighting for you," he said. The president did not offer details on any tax cuts he may extend to domestic oil and gas producers but said they will be a part of his upcoming tax plan.
"I'll be working with the Republican Congress to pass the largest tax cuts in American history. We're going to dramatically cut taxes for families and for workers and for companies, including no tax on tips and hopefully no tax on Social Security and no tax on overtime."
Patrick De Haan, head of petroleum analysis at GasBuddy, posted on X: "#GasPrices continue to inch up thanks to seasonality and refinery snags out west. The national average stands at $3.164/gal, the highest level since mid-October and will likely rise another 15-55 cents over the next 8 weeks."
Some analysts predict traditional supply and demand factors are needed to reduce cost and a surge in domestic production is the answer.
"Price is defined by supply and demand, unless stronger forces like government policies and control outweigh market forces," Karl Brauer, executive analyst at the automobile marketplace iSeeCars.com, told Newsweek.
"If the production of oil in the U.S. increases from more drilling and fewer restrictions, it will almost certainly mean a reduction in the cost of oil because the growing supply side of market forces will push prices down. This, in turn, could bring down the price of gas at the pump, as gas prices are largely determined by global crude oil prices."
Trump also promised to increase the Strategic Petroleum Reserve.
"The world runs on low-cost energy, and energy-producing nations like us have nothing to apologize for," he said, adding that the U.S. has "more energy than any other nation in the world, and we're going to use it."