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US Gas Hits $4.45/gal, Trump Predicts Drop—Experts Skeptical

5/6/2026

41 9 Full Breakdown

Summary

Story summary

The Automobile Association said the regular-gas average hit $4.45 per gallon, $1.12 above a year ago.
A poll showed 44% reduced driving and 42% cut expenses, while Treasury Secretary Scott Bessent called a blip and expects prices to fall.
President Donald Trump said gasoline will drop “like a rock” after Strait of Hormuz conflict ends, a claim critics and Republicans Against Trump called false as price hits a four-year high.

History

Historical Context

October 1973 OAPEC’s Arab oil embargo—triggered by U.S. arms shipments to Israel—cut supplies to United States and pushed world crude from about $3 to $12 per barrel, a 300% rise. The shock forced President Richard Nixon to impose price controls and rationing, reshaping U.S. energy policy. Supply-shock pattern frames today’s 2024 jump to $4.45 per gallon, which Treasury Secretary Scott Bessent calls a blip.

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Story summary

The Automobile Association said the regular-gas average hit $4.45 per gallon, $1.12 above a year ago.
A poll showed 44% reduced driving and 42% cut expenses, while Treasury Secretary Scott Bessent called a blip and expects prices to fall.
President Donald Trump said gasoline will drop “like a rock” after Strait of Hormuz conflict ends, a claim critics and Republicans Against Trump called false as price hits a four-year high.

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