Letter from the US: Trump and $1 gasoline
The oil and gas industry will replace its capital discipline with Trump compliance and consumers will benefit from lower gasoline prices
The incoming Trump administration wants low gasoline prices. The data makes clear that the high fuel prices of 2023 and early 2024 contributed to the president-elect’s victory, and a return of high prices in 2025 and 2026 could lead to significant Democratic gains in the midterm elections. Trump will try to prevent this by granting the oil industry’s wishes for less regulation and more leasing and then demanding large output increases to hold down prices. The 3:3:3:1 Plan The incoming president’s nominee for secretary of the treasury, Scott Bessent, has announced his ‘3:3:3 plan’. This entails increasing growth to 3%, cutting the budget deficit to 3% of GDP and raising US energy production b
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
