How does Trump plan to ease gas prices during second term?

WASHINGTON (TNND) — Many voters who supported President-elect Donald Trump say they were frustrated with the cost of living, and gas prices have been a big part of that over the past four years.

Drivers haven’t been shy about being fed up with gas prices.

"Four years ago, I was paying $2.27 a gallon of gas. Today, I’m paying $3.86," one driver said.

After peaking at $5 per gallon in June 2022, gas prices have dropped and stabilized as U.S. oil production is back to record highs. On the Monday before Election Day, a gallon averaged $3.06.

On the campaign trail, Trump promised to cut energy prices by at least half within a year of taking office.

“To achieve this rapid reduction in energy costs, I will declare a national emergency to allow us to dramatically increase energy production," Trump said. “You know what we’re going to do. We’re going to drill baby, drill.”

GasBuddy’s Patrick De Haan says it’s not that simple.

“The president can declare an emergency. That doesn’t mean oil companies are going to respond to it," De Haan, the head of petroleum analysis at GasBuddy said. “There’s still plenty of opportunity for oil companies to raise production and that’s why I don’t think it’s very feasible that the president would really be able to do much to cut energy prices in half.”

The CEO of ExxonMobil said this about Trump’s promise to “drill baby drill.”

“I’m not sure what those policies actually are," Darren Woods said. "We’re looking at the most economic investment levels to produce the oil and to generate the returns for our shareholders.”

Republican presidents generally tend to be friendlier to oil and gas companies through deregulation but as De Haan and other experts point out, it can take years to notice differences in those kinds of policy changes. What could have a more immediate impact on supply is stricter enforcement of oil sanctions on Iran.

“Even if the president-elect decides to remove Iran’s oil production from the global market, there is ability for that to be fulfilled by other countries including OPEC and Saudi Arabia," De Haan said.

Global oil markets can move prices at your local gas pump, but that’s not stopping soon-to-be president Trump from insisting his executive reach can bring them down.