High gas prices, over $4/gallon on average across the country, are squeezing families at the pump. In DC in early May, prices hit nearly $5.
Gas prices under Trump are out of control, up more than 30% on average since the start of his current term. Drivers across the country are feeling the pain at the pump as gas prices soar above $4, and in some places even $6, a gallon. At the same time, home energy bills continue to skyrocket. Near record-high diesel prices are increasing the price of everyday goods like food and clothing. Average household energy bills are up 13% since Trump took office. All of this is forcing families to make tough financial decisions. So, why are energy and gas prices so high right now? And, when will prices come down?
Trump’s war with Iran has sent energy costs skyrocketing. But, prices were increasing well before he launched his attack on the Middle East. Trump claims the answer to high costs is more fossil fuel production – but that doesn’t work. As he promotes his “Drill baby drill” agenda, the U.S. is producing more oil than ever before. But prices remain punishingly high.
These soaring costs show that more fossil fuels will not solve the affordability crisis facing our families. Here’s why, and the real solutions the U.S. needs to control costs.
Trump’s attacks on Iran sparked a huge recent jump in gas prices. In response to the attacks, Iran blocked the Strait of Hormuz, a key shipping route for oil and gas. Nearly 20% of the oil and liquefied methane gas used globally flows through the Strait of Hormuz. Ships carrying oil and gas are now stuck in the Strait and unable to deliver fuel which is causing prices to go up.
Trump’s war in the Middle East has thrown international oil markets into chaos. It has also caused investors to lose confidence. This has driven the global price of oil to its highest level since Russia’s attack on Ukraine in 2022. In late April, crude prices topped $126 a barrel. That is an increase of nearly $60 since the beginning of the war.
Global crude prices are the biggest driver of gasoline prices. So, even though refineries in the U.S. don’t use oil shipped through the Strait of Hormuz, we quickly saw inflated gas prices. Average gas prices across the country have soared past the painful $4/gallon mark, hitting $4.54 in early May. This is a greater than 50% increase in the two months since the war began.
Oil companies are taking advantage of the chaos in international oil markets to artificially jack up prices. In March, the world’s top 100 oil and gas companies made $30 million an hour in excess profits at the expense of everyday people. But Trump’s war in Iran is just one reason for sky-high gas prices.
While the last two months have been especially painful, people across the country were seeing their bills go up well before Trump attacked Iran. These increases are the direct result of Trump’s pro-polluter, fossil-fuel-first policies and corrupt deals he has made with fossil fuel CEOs.
Trump has spent the last 15 months trying to ramp up U.S. production of oil and gas, claiming that increased production will bring down prices. But despite record high production, U.S. exports of oil and gas also have risen, and prices continue to rise.
That’s because oil prices are set on a global market where other producers influence the cost. Fossil fuels are also an expensive and outdated fuel source, not to mention terrible for the environment. It costs more money to generate electricity from fossil fuels largely because the inputs (coal, methane gas, oil) are expensive. In contrast, the inputs for renewable energy (wind, sun) are free.
Trump’s plan to supercharge fossil fuels has failed to bring down energy and gas prices. This is evidence that producing more fossil fuels is not the answer to rising costs. Fossil fuels are outdated and expensive, not to mention disastrous for the environment. To rein in energy costs, we must instead invest in affordable clean energy.
Clean energy is the fastest, cheapest way to increase energy supply. And the more we use clean energy to power the grid and our vehicles, the less dependent we’ll be on expensive and volatile fossil fuels.
Instead of pursuing clean energy as the best way to lower costs over the near and long term, Trump is doing the opposite. He has unraveled clean energy progress from President Biden’s landmark initiatives. But Trump and his Republican allies in Congress are dragging us back to expensive, dirty energy by:
The Trump administration has attacked clean energy from all sides, including:
Paying off companies to abandon their clean energy projects, including paying French energy company TotalEnergies $1 billion to cancel their offshore wind project and instead prop up fossil fuel exports.
Blocking clean energy projects that would have powered millions of homes, including Esmerelda 7, the largest solar project in the country.
Canceling programs that helped households lower their energy bills by making their homes and appliances more energy efficient, or by installing clean energy systems.
Slashing federal programs bringing solar power to communities struggling the most with high energy prices, such as Solar for All.
Cancelling clean energy projects raises our energy bills in two ways.
First, it takes an affordable source of energy off the grid. Clean energy is the most affordable source of energy to bring online. By shutting down these projects, Trump is forcing us to get our energy from more expensive (and dirtier) sources.
Second, it allows fossil fuel executives to charge more for energy. The energy grid always brings the cheapest form of energy online first. Because clean energy is cheaper, the grid will always favor it. If fossil fuels want to get pulled onto the grid (and get paid), they have to lower their prices to compete with the price of clean energy. The less clean energy is on the grid, the less cheap competition fossil fuels have, allowing them to charge more and still get used.
The Trump administration is making gas-powered vehicles less fuel-efficient. At the same time, they are also making it harder to switch to electric vehicles. They have:
Gutted fuel efficiency standards for cars and trucks. Since these standards were enacted in 1975, they have saved drivers $5 trillion at the pump.
Canceled electric vehicle tax incentives that helped drivers transition to clean vehicles. Switching to zero-emissions vehicles the best way to save long-term on fuel and maintenance.
Scrapped plans to expand electric vehicle charging nationwide.
Threatened to get rid of programs to bring more electric school and transit buses to communities around the country.
These actions will lead to more pain at the pump for families far into the future. Drivers will be forced to fill up the gas tank more often and have less options to lower their costs in the long term by switching to clean vehicles. They will also leave drivers more vulnerable to gas price spikes like the one we are currently experiencing.
Despite his promises to lower our costs, Trump’s reckless actions, both at home and abroad, are directly responsible for rising energy and gas prices.
Thanks to Trump’s long term, pro-fossil fuel agenda, it is unclear when and if gas prices will come down. Unchecked, Trump’s policies will cause prices to continue to rise. However, there are actions that can be taken to stabilize costs.
Thanks to skyrocketing gas prices, fossil fuel companies are set to make $63 billion in excess, or “windfall” profits this year. They’re getting rich at the expense of everyday people.
To stop Big Oil and Gas from taking advantage of customers, Senator Sheldon Whitehouse (RI) and Rep. Ro Khanna (CA-17) introduced the Big Oil Windfall Profits Tax Act. Under this bill, large oil companies would pay a tax on each barrel of oil they produce or import above the average price in 2025. Revenue from the tax would be returned to customers, who would receive about $216 to $324 in rebates per year.
This crucial bill would stop Big Oil from profiting off Trump’s war in Iran. It would also provide relief from high gas prices by returning excess profits to consumers.
Making electric vehicles more accessible can also reduce the amount drivers spend on gas. Drivers of electric vehicles are insulated from the volatility of international gas markets because they don’t need gas to run. And with fewer people needing to fill up their tanks, overall gasoline demand and prices go down for all drivers, too.
Electric vehicles have gained popularity across the country thanks to tax rebates and investments in EV charging infrastructure under the Biden administration (not to mention that they are just fun to drive). This helped make electric vehicles more accessible and affordable.
However, Republicans in Congress slashed those investments in their Big Ugly Bill last summer. To give drivers affordable options to avoid future gas price spikes, Trump and Congress must bring back tax rebates for electric vehicles. They must also invest in charging infrastructure. This will reduce drivers’ vulnerability to unstable oil markets and save them money. It will also reduce emissions from transportation, meaning cleaner, healthier air.
While extreme Republicans in Congress are doing everything they can to drive up our costs, Democrats have a plan to do the opposite. Earlier this year, Representatives Sean Casten (IL-06) and Mike Levin (CA-49), alongside 122 Democratic cosponsors, introduced the Energy Bills Relief Act in the House. The bill now has 143 cosponsors.
The Energy Bills Relief Act would help build more clean energy to reduce our reliance on fossil fuels and bring down high energy prices. Clean energy is the fastest and cheapest form of energy to bring online, so adding more clean energy to the grid can help reduce costs.
In addition to boosting clean energy, the Energy Bills Relief Act would:
Provide assistance for energy bills to millions of households.
Motivate electric utility companies to launch programs to save customers money.
Support weatherization and other energy efficiency programs.
Ensure the cost of powering large energy consumers, like data centers, doesn’t fall on households and small businesses.
Our families simply can’t afford Trump’s fossil fuel agenda. Call your member of Congress today and urge them to take action to bring down our costs, instead of making life more expensive for everyday people.
Act Now
The Energy Bills Relief Act is a new bill cosponsored by over half of House Democrats to rein in energy costs with clean, affordable energy. To cut pollution and utility bills for millions of people, EBRA will ramp up clean energy like wind and solar, hold data centers accountable, expand heating assistance for low-income families, and more. Send a message to Congress to show your support for the Energy Bills Relief Act today!
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