Former President Donald Trump has recently criticized Vice President Kamala Harris on energy policy, promising to lower gas prices and end what he calls an 'anti-energy crusade.' Trump aims to implement a policy focused on energy abundance, independence, and dominance, with the goal of cutting energy prices by half or more within a year of taking office.
However, experts caution that achieving gas prices below $2 a gallon would likely require a significant decrease in demand, possibly due to a global recession. While Trump boasted about gas prices dropping below $1.90 during his presidency, it coincided with a severe health crisis, limiting the ability of consumers to take advantage of the low prices.
Trump's claims about Harris wanting to ban fracking and leading an 'anti-energy crusade' do not align with the current reality. Under the Biden-Harris administration, the U.S. is producing more oil than ever before in its history, contributing to the recent decline in gas prices.
The national average gas price has fallen to $3.30 a gallon, a six-month low and 50 cents cheaper than a year ago. Approximately 41,000 gas stations now offer gas below $3 a gallon, compared to just 100 stations a year ago. Several states, including Texas, Oklahoma, and South Carolina, have gas prices below $3 a gallon, with more states expected to follow suit.
The decrease in gas prices can be attributed to a combination of increased supply and weakened demand, particularly in China. OPEC's decision to cancel plans to add more supply due to the current state of the oil market has also contributed to oil prices dropping below $70 a barrel for the first time this year.
