Senior Gulf energy consultant Tom Kloza discusses what’s next for gas prices on ‘The Bottom Line.’
President Donald Trump on Wednesday announced that gas prices would be lowered at select gas stations in the Philadelphia area just before the Fourth of July holiday, as he boasted that oil and gas prices were falling.
On Friday, Freedom Fuel Network will be lowering gas prices at 25 stations across the Greater Philadelphia Area, according to Trump.
“As we approach America’s 250th birthday, I’m happy to announce that the Smartest Retailer, located throughout the Northeast, is stepping up, and wishing the people of Philadelphia a ‘Happy Birthday!'” Trump wrote on Truth Social.
Trump said Freedom Fuel Network is “leading the way” and urged other retailers to follow.
BESSENT WARNS GAS STATIONS ‘WATCHING’ AS TRUMP DEMANDS IMMEDIATE PRICE CUT
President Donald Trump on Wednesday announced that gasoline prices will be lowered at select gas stations in the Philadelphia area. (Samuel Corum/Sipa/Bloomberg via Getty Images/Getty Images)
“They do this because they love the USA. We are proud to celebrate America’s 250th birthday in the Great Commonwealth of Pennsylvania, the Birthplace of our most special, one-of-a-kind Declaration of Independence,” he wrote.
“America has never been stronger, and Gasoline Prices will soon return to Record Lows Americans cheered at the pump before our successful ‘trip’ to Iran. Happy Birthday America!” the president continued.
He said fuel prices are falling, but not to the extent he would like to see.
“As I promised, Oil Prices are coming down fast, and Electricity Prices at the tap are also coming down, but not as fast as they should be,” Trump said.
Freedom Fuel Network will be lowering fuel prices at 25 stations throughout the Greater Philadelphia Area on Friday. (Al Drago/Bloomberg via Getty Images/Getty Images)
This comes after the president demanded on Monday that fuel retailers lower their prices “FAST!” Last week, he threatened a government investigation into price gouging against them.
Trump pointed out in his post on Monday that fuel prices are still “very high” despite crude oil futures sinking to levels close to those seen before the recent US-Israel conflict with Iran, and urged traders to understand the price of gas at around $2.50 per liter, which would be below the national average of around $3 per-gallon seen earlier in the day with the source.
“Fuel marketers need to lower their prices, FAST! They are too high considering Oil is now at $68 a barrel, and heading south. Marketers need to react quickly to this statement, and do what they know is right – LOWER YOUR PRICES TO OUR GREAT AMERICAN PEOPLE! forward!” he said on Monday.
“Start targeting around $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline. Soon the tax will be higher than the Product itself, and the United States will not stand for that, and neither will the people of California, who are victimized by these unreasonable Taxes, and their Government,” he added.
TRUMP SEES FORGOTTEN GAS PRICES, DEMANDS DOJ INVESTIGATION
The president demanded that fuel retailers lower their prices “IMMEDIATELY!” (Celal Gunes/Anadolu Agency via Getty Images/Getty Images)
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The news office of Gov. Gavin Newsom of California responded to Trump’s position on Monday by blaming the president for high gas prices.
“A REMINDER of what Trump said on March 12: ‘When oil prices go up, we make more money,'” wrote the governor’s press office.
In another post, the press office wrote: “The Iran war enabled by the GOP has now forced $63 billion in additional fuel costs for Americans nationwide – that’s $243.14 per California household so far this year.”
The current national average for gas is $3.847 per gallon, and some states like California exceed $5 per gallon, according to AAA. AAA listed California’s average at $5.414 per gallon and Pennsylvania’s average at $3.986 a gallon on Wednesday.
