US gas prices hit $4.23 average
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Trump met with oil and gas executives
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From Aug. 25, 2025, to Jan. 26, 2026, the daily crude oil production in the U.S. ranged from 13.2M to 13.9M barrels. That is more than Americans use.
A few states — and now Canada — are temporarily suspending their gasoline taxes. Congress isn’t looking likely to follow suit.
Even as prices at the pump have remained elevated, American consumers are paying less than many of their counterparts in Europe and Asia.
The war in Iran has disrupted supplies of diesel, used to power trucks and heavy equipment, much more than gasoline, which is primarily used in passenger cars.
The looming summer driving season — and elections that will determine control of Congress — are pressuring the Trump administration.
Gasoline costs should start to fall soon, although a full recovery to pre-war prices is expected to take months. That's assuming that peace holds and traffic flows resume through the Strait of Hormuz.
California’s shrinking refining base is cutting local gasoline output to a decade low, pushing the state into structurally higher import dependence.