President Donald Trump, who has repeated the slogan "drill, baby, drill" on the campaign trail and in the Oval Office, has pledged to boost domestic oil and gas production and bring down prices, a feat that on Wednesday he said has been accomplished.
With the American Automobile Association (AAA) estimating that 61.6 million people will drive for the holiday weekend, many will welcome lower prices at the pump.
The Claim
In a July 2 post on Truth Social, Trump shared a photo of him clapping in front of a gas pump, with the words "Gas prices are at a 4 year low."
The Facts
Gas prices are estimated to be about $3.15 per gallon on Independence Day, according to GasBuddy, a fuel price tracker.
At that price, gas would be at its lowest level for a July 4 holiday in four years, which may be what Trump was referring to, as it was $3.49 per gallon last year and up to $4.80 in 2022.
However, the current price is not the lowest overall price for the past four years. According to the Federal Reserve Bank of St. Louis, regular gas prices were lower at the end of last year and the beginning of this year, with December 2024 recording a per-gallon price of $3.006.
Ahead of January 20, Trump's inauguration, prices rose to $3.04. By the time Trump took office, they were $3.109.
The data is backed by AAA, which wrote in a January 9, 2025, press release that gas was at $3.06 per gallon, citing a low of $3.01 on December 10.
The Federal Reserve Bank of St. Louis also noted that on March 17, prices dipped to $3.058. In December 2023 and January 2024, prices were $3.058.
"Americans are seeing the cheapest summertime gas prices since 2021—more than 20 cents lower than one year ago—as President Donald J. Trump delivers on his promises of lower prices, stable inflation, and higher wages," the White House said in a June 25 statement.
Gas prices often fluctuate because of factors such as supply and demand and geopolitical tensions, as was the case with U.S. strikes on Iran.
"It's also the third straight year-on-year decline for gas prices on July 4, due to the continued gradual rebalancing of the U.S. economy after re-opening in 2022, combined with Russia's war on Ukraine, which pushed gas prices to record-setting levels," GasBuddy said on its website.
The Ruling
Needs Context.
Trump's comments are accurate when referring specifically to July 4. Gas prices are generally low compared to previous years across most cities but have not yet crossed the threshold to be labeled as the lowest.
FACT CHECK BY NEWSWEEK
