Trump-Era Gas Prices Stun Local Reporters, Drop Near Two-Decade Low
In late 2020, a local news segment captured the amazement of reporters as gasoline prices plummeted to levels not seen since the early 2000s. “Since I’ve learned to drive, I don’t know if I’ve ever seen prices that low,” remarked one newscaster, as a cameraman panned to a gas station sign advertising $1.69 per gallon. It was a shocking sight, recalling that the last time consumers paid such low prices was back in June 2001, when they hovered around $1.70 to $1.80 a gallon.
This moment gained traction on social media, with a tweet going viral that declared, “🚨 BREAKING: Local news is SHOCKED — President Trump did it.” It highlighted how sub-$1.70 gasoline had become a rarity, attributing this welcome relief directly to Trump’s policies.
Crude Collapse Meets Crisis Response
The steep decline in pump prices during that time didn’t occur in isolation. A combination of global economic downturn, unexpected crises, and U.S. policy decisions converged to drive prices down. The COVID-19 pandemic caused a drop in global oil demand, with public lockdowns, barren roads, and grounded flights severely harming usage worldwide, causing crude oil futures to tumble.
In April 2020, West Texas Intermediate crude, the U.S. benchmark, closed at an unprecedented negative $37.63 a barrel, reflecting a significant imbalance in supply and demand. While that negative pricing resulted from trading quirks and storage issues, it clearly showed how distorted the market had become.
However, the low prices at U.S. gas pumps also mirrored policies that maintained American energy production. Rather than across-the-board shutdowns seen in other nations, the Trump administration kept domestic energy production active. By rolling back regulations and expanding access to federal lands for drilling, the U.S. prepared itself for a quick recovery while shielding consumers from fluctuating prices.
According to AAA, the national average gas price sank to $1.76 per gallon by the end of April 2020, barely recovering through the rest of the year. Many states, particularly in the Midwest and South, experienced daily averages far below that figure, with some stations even dipping below $1.50 per gallon.
Comparing Historic Drops
Although the reasons behind the 2020 gas price drop primarily link to the pandemic, historical context is essential. The last time consistent price levels reflected $1.70 per gallon was during summer 2001. Gasoline prices spiked multiple times since then—reaching $4.11 during the 2008 financial crisis, before dropping during the Great Recession and rising again above $3 throughout the Obama administration.
From the beginning of Obama’s presidency in January 2009 until his exit in January 2017, national average gas prices fluctuated between $1.84 and $3.96, ultimately landing around $2.45. Under Trump, prices averaged slightly lower, staying in a range from $2.12 to $2.65 for most of his time in office until the pandemic hit in March 2020.
The drastic price decrease in late 2020 brought clear benefits to ordinary Americans. Gas costs constitute a significant share of monthly expenses, particularly for blue-collar families and rural commuters who depend on personal vehicles. Lower gasoline prices acted as a kind of tax cut, enhancing disposable income without any legislative action required.
Policy Influence or Market Fate?
The extent of presidential influence on gas prices is a nuanced and often contentious topic. Experts generally agree that global dynamics and international incidents shape oil prices more than domestic policies. Nonetheless, certain decisions regarding drilling permits and regulatory practices can influence longer-term trends.
During Trump’s tenure, both the Department of Energy and the Environmental Protection Agency enacted aggressive deregulatory measures. These changed the landscape for fossil fuel industries, expediting approvals for essential infrastructure related to oil transport and refining. Critics contended this prioritized industry interests over environmental health, while proponents argued that such moves boosted job creation and made energy more affordable.
In a 2020 summer statement, Trump proclaimed, “We are unlocking the full potential of American energy, and thanks to our policies, we are now the No. 1 producer of oil and natural gas anywhere in the world.” This claim coincided with data from the Energy Information Administration (EIA), which indicated that the U.S. had consistently led global oil production since 2018, largely due to shale development in Texas and North Dakota. Achieving energy independence notably insulated average gas prices from international market upheavals and geopolitical tensions.
Public Reaction and Political Impact
The tweet pointing to the low gas prices alongside the astonished local news clip created significant resonance among voters grappling with the aftermath of COVID-19 restrictions and economic downturns. On social media, supporters seized upon these fuel prices as evidence that Trump’s “America First” energy policies had yielded real benefits for families.
As one commentator noted, “Nobody talks about it, but you could fill up your truck for 40 bucks when Trump was in. Drive where you want. Go to work. Help your neighbors. You can’t do that when gas is $4.”
In stark contrast, prices surged under President Biden, with national averages exceeding $5.00 per gallon by June 2022. This spike stemmed from a global energy crunch, the war in Ukraine, pandemic recovery needs, and new environmental policies that emphasized clean energy over fossil fuels.
Biden’s administration released oil from the Strategic Petroleum Reserve and urged energy companies to amplify production. However, critics argued these measures arrived too late and were undermined by mixed signals regarding fossil fuel investments.
Conclusion
The brief period in late 2020 when gas dipped below $1.70 was not solely attributable to Trump-era policies—yet the moment struck a chord because it followed years of focus on domestic energy production. The pandemic played a key role in driving prices down, but the infrastructure and investment environment during Trump’s presidency provided critical relief for consumers when they needed it most.
Energy economics are intricate and multifaceted, but policy does wield influence. For a fleeting moment in 2020, countless Americans witnessed something unseen for generations—gas prices low enough to fill up without feeling the pinch on their wallets.
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