Trump making good on oil production promise – and holding down prices
One of the most common negative responses to Trump’s tariffs is the predicted inflationary increase in gas prices. Most folks understand that the price of gas has an impact on the price of almost everything. It is a line item for every business and household budget. The never-Trump crowd predicted soaring gas prices as a result of the tariffs.
So. What has really happened?
When Trump was elected in November of 2024, the average price of gas at the pump was $3.18 per gallon. In December, it was $3.14. January, $3.20. In February (when tariffs started to kick in), it was $3.24, and in March, the average price of gas was $3.22. Hardly inflationary numbers.
So, what about inflation itself? It is noteworthy that the inflation rate for the first quarter of 2025 as been 3.0 percent in January … 2.8 Percent in February … and 2.4 percent in March. Down … not up, as critics have contended.
While we cannot know the future impact of tariffs on the cost of gas or the inflation rate, or even the future of tariffs as agreements are negotiated — but so far, the critics have been wrong – and misleading. Sometimes outright lying.
The outlook in the longer run is for significantly lower gas prices. That is because of Trump’s oil and gas policies and actions. More gas means lower prices. The more we produce domestically, the less impact from tariffs.
The Trump administration had revised the Democrats’ Clean Power Plan with the Affordable Clean Energy rule. This has essentially allowed for greater fossil fuel production by reducing regulatory restraints designed to force greater use of wind and solar sources.
The Department of the Interior – through the Bureau of Ocean Energy Management – has opened offshore lease sales in the Gulf of (whatever) starting in June. According to the DOI, “By continuing to expand offshore capabilities, the United States ensures affordable energy for consumers, strengthens domestic industry and reinforces its role as an energy superpower.” It will also keep gas prices down and create thousands of new jobs.
Consistent with his “drill, baby, drill” campaign theme, Trump has also opened millions of acres of federal lands for oil exploration and recovery. This reverses a number of Biden restrictions. In addition, Trump has reestablished pro-oil policies from his first term – policies that were either limited or ended by Biden.
The expansion of oil drilling will generate billions of dollars for Uncle Sam and states from lease sales, rental fees and royalties. It also limits America’s need for oil from international sources. It is a win-win for everyone.
While the left-leaning media myopically focuses on issues in which they can spin horrific, mendacious political narratives, there are a lot of campaign promises being kept with good outcomes – and oil and gas production and pricing is one of them.
So, there ‘tis.
Trump promised to bring prices down on day 1. Has anyone noticed prices coming down? Eggs still at all time highs. My home insurance went up 20%.
Last I checked, NOT GOING UP is not going down either.
Even his own assessment on gas is weird, which he feels is tariffed today; yesterday he was saying we are energy independent, so where are the tariffs coming from? But since China stopped buying petrol and lpg so that might bring our prices down…… I guess he’s looking for a Chinese gas factory to be built in Texas…. But his own assessment said gas prices are up 1.5% since Trump was elected and have been up as high as 2% increase, which gets quite large on a yearly basis.
Trump’s inflation rate is 10% higher than Biden’s at it’s worst, but now has a dip to 2.4%; that’s good, but a data point does not a trend make and Trump has one month upwards, and two downs —- a promising sign.
Eggs are still the highest prices ever; is there a plan? Can we deport the sick chicks? Perhaps for a special dinner and CECOT.
Point is, and Larry the economist knows this, the tariffs have not hit prices yet. And the tariff revenues, or lack thereof, have not been booked. Larry knows this but it goes against the spin.
Further, there’s a good chance of folks bulking up before the tariffs which could delay and blunt the initial tariff effect. When Trump screwed us on the property tax credit, NJ and other States, allowed pre-payment letting me prepay at the lower price and slide a year or two before in clobbered me with Trump’s property tariff costing me a cool $2K a year. But by prepaying, like many are doing now, saving me the tax screw for 12-24 months. Same could be happening in the market, especially for “at risk” products like EVs.
But Larry knows that tariffs will increase price and if Larry is Larry and true to his own bullshit, he believes it’s a straight line from tariff to price JUST as he believes the same for minimum wage. I do not, but it will most certainly raise price. Just not a straight line as sellers attempt anything they can to cut price. And then, even those who are not tariffed may jump on the bandwagon and raise prices too.
Anyone who says Trump is meeting his promise to bring prices down on day one probably will soon believe Ukraine started the war we have forgotten. And we won’t slide into recession; we will just wake up and it will be here. In full ugly force. Self inflicted by the policies of the Felon King that Larry reveres.
Mr. Dunger I can only praise God that Kamala the token ho got her commie ass kicked to the curb. Trump is doing just fine and his agenda will prevail. The stock market is coming back and we will see a stronger economy than we had while Joe and ho was stinking up the White House. So go cut a hole in your pocket so that you can have something to play with. And be careful with the dung. And enjoy your time with your daughter
Frank vs James which uses the facts to advantage and establish a credible argument to answer Larry’s opinion. There’s no contest in the objective sense that Frank’s counter to Larry’s opinion has a more fact based approach. Whereas, James as usual stoops to character assassination and recrimination with a less than solid idea of the actual topic forwarded by Larry.
Larry has stated the situation Trump is in the midst of his disemboweling of America from its formerly admirable state with Biden’s steady hands on the controls. Larry apparently has his vision set on the near term and, therefore, disallows as my ramifications the present policy on the future impacted be stupidly following Trump’s Drill baby, drill misappropriation of natural resources he as president pledged an oath to protect.
Republicans have not been looking beyond the next presidential election and do not see the dire consequences attached to their ignorance is bliss folly regarding a constant uptick of earth’s temperature moving America as a citizen of the world ever nearer a environmental crises all over Earth’s surface.
How is it part of the conservative mantra that preparing in the short term a remedy built to forestall the sure eventuality of climate warming.
Ideas the right slam for their perceptions of expert environmentalists findings as woke and banned by Trump, in his perfect wisdom.
Larry’s age puts him in the generation that will have passed before the degrees Celsius rise around the world. This, rising will accelerate melting at the earth’s poles’ ice pack. I, too, will not be on earth when NYC is forced into erecting high sea walls to battle a rising trend on the Atlantic Ocean levels.
Trump’s personal ideology disallows for climate change directly by refusing its consideration with his closing the agency’s offices and firing scientists.
Trump slapped the environment saving advocates hard across their faces when he announced the re-opening of long closed, coal mining industry. The most unhealthy and inhumane working condition companies in an industry with fewer and fewer customers. Trump’s business acumen does not stretch to encompass 21 Century changes in every discipline of study. Even the discipline known as Economics, in which Trump supposedly has studied in University. Macro Economics is of particular interest at this time as Trump seems not to have pulled its fundamentals into present consciousness. That assumes possession of the fundamentals in the first place.
If Trump attempts to intimidate Powell into doing Trump’s ignorant bidding may be added to evidence for impeachment charges.
Frank Danger, keep on going on showing Larry the reality of Trump’s reign of fear and Terror.
Ironically for Trump, he is about to reach critical mass with his unlawful orders when more and more representatives band together to call his bluff. He has been “keeping up appearances” as he has done his whole life..
Trump is constantly seeking attention and reaffirmation from persons immediately close by, cabinet members, GOP representatives, and especially followers loyal to him at rallies.
Harvard University must stand against Trump’s invasion into sectors where he does not belong nor does he in his office should extend influence. Funds allocated by Congress are not the President’s responsibility. What Trump does wherever he goes is bulling with over reach. As a boy in elementary school he was the student who his teacher reported was always coloring outside the lines. Outside the lines is where Trump lives and stirs up chaos in his wake.
Will the “danger” idiot please shut the hell up!
Gregor, thanks for saying please, butt alas: NO.
It’s just talk. Just facts. I can understand they make you feel bad. Are doing same for me.
Feel free to correct, contribute, or counter. But if you think the first 100 days is fucking A skippy, I gots a NJ bridge called the GW that’s going for a song.
Tell me that’s not a Slovakian name you are sporting? We’re more of a Jacobus family heritage. No Gregor’s in our line. But if the Brewski is real, you aint Slovak.
Dunger is so wrong on everything that he’s funny. Like the movie slingblade. Haha funny or queer funny.
Hammon, you guys are big on personality but light in the loafers on facts. You say I am wrong on everything, but can’t prove a single thing. Your slams against me are feckless. You have no proof.
So, I give you a chance, should be easy for a brain-trust like yourself: just take your head out of your ass and either prove where I was wrong or STFU.
Did not Trump promise to bring prices down on day 1.
Has anyone noticed prices coming down?
Are not eggs still at all time highs?
Did My home insurance not go up 20%?
Is NOT GOING UP mean it’s not going down either?
If we are energy independent, then isn’t an oil tariff an trumpoxymoron?
Didn’t China stop buying our petrol and lpg?
Are not gas prices higher since Trump took office?
Is not Trump’s inflation rate is 10% higher than Biden’s at Trump’s worst even if it now has a dip to 2.4% which is good, but not a trend?
Have the tariffs hit our prices yet or still too soon for either prices or revenues to hit?
the spin.
Did not Larry once say raising the minimum wage will flow directly to price while he now says tariffs do not necessarily flow directly to price? FYI: I say it’s not a direct line in either case, but as Joe will tell you, I am not an expert economist like Larry who learned his trade when the abacus was used.
Is there not some panic buying to beat the tariffs?
Did I not pre-pay my property tax after Trump targeted NE property owners?
Do you believe Trump that Ukraine started the war or today’s pitch, that not losing all of Ukraine is a reasonable peace offering. Probably will give NJ to Vlad next……
There you go. Reader’s digest version of the facts. Have at it. SHOW US THE MONEY. Show where I am SO WRONG ON EVERYTHING.
I spell my name: danger. I deal in facts. Have your fun with cheap personal attacks, but if you come at me on the facts, you better pack more gunpowder than this fine fellow. Do I hear crickets????
That’s ok. At least the border wars are being won. And the 2nd amendment is safe. And yes, we will have a stronger economy with the tariffs. So tell us. What did joe and ho do in four years? Absolutely nothing. But we have a patriot with Musk shoveling the shit out of the government.
At least……
Stronger economy because of tariffs? Like Hoover delivered? This is a very bad thing to do; there is no plan, just whimsy.
I would send you the Treasury Report on the Biden economy but the page has mysteriously vanished in the age of Trumparency which is the transparency of putting a paper bag over your head…… How much tariff revenue? How many countries meeting? He says he’s meeting with China. Chine says “suck eggs……if you can afford them……”
Here’s the CNN headline: “Biden’s economic legacy: Historic wage gains, investment and job growth but marred by inflation.” Remember, inflation went down. Until Trump, and lately, down again under Trump. *https://www.cnn.com/2025/01/19/economy/us-biden-economic-legacy/index.html* Drilled more oil than Trump I too.
OK, a more centrist view from The Chicago School, you know the guys Larry consults with explained that the STRONG Biden economy is exactly why Trump won. Weird. *https://www.chicagobooth.edu/review/the-economy-has-been-great-under-biden-thats-why-trump-won* But they are saying the economy was strong.
There are plenty of ways of looking at this, but basically Biden beats Trump on all economic fronts except inflation which is a huge one that results in a very uneven economy. IF you have to buy, it sucks. If you can afford to wait, or alternatives, not too bad. I made more in 2024 that I ever had. My kids got great jobs because the job market was booming. The stock market was crushing, wages were great, bonuses flowed. And I don’t buy that much and could easily reduce food prices with alternatives after the covid years of delivery and expensive online goods. One of my kids did buy a new house and while the price was great, the interest was higher than expected. Uneven.
But while Biden’s economic growth was meh, it was alright positive and Trump’s was not, including a recession. Same with the deficits were Trump set the record. He wants you to give him a mulligan for covid; the same covid that Joe worked us through.
I can easily understand why the Biden economy was not good for you. It was uneven. If you had a job, you might feel stuck.
But on the numbers, Biden did OK. Inflation most certainly dragged his economy down, but overall, he did OK, and better than Trump.
Trump is a boom or bust sort of businessman. Musk is too, but Musk gets quite a few more hits than Don who mostly sells hot air , not a substantive product. He’s more about the “branding.” Six bankruptcies confirm that strategy.
FYI: Musk is leaving and none of us know what he has done. You got the report? Crickets. And if you think I am going to believe either of these snake-oil salesmen’s sound bites, give me a break. SHOW ME THE NUMBERS. A patriot would be transparent.