In early April 2026, gasoline hit $4 per gallon across the U.S. thanks to Iran’s closure of the Strait of Hormuz, which cut off the flow of a big chunk of the world’s oil supply. That’s a whole dollar higher than a month previously and it is entirely the result of President Trump’s reckless war. Although a fragile two-week ceasefire has been announced, the threat of war remains and future conflict could drive oil prices even higher.
Trump said that he would slash gasoline prices by 50% within 12 months of taking office. During the 2024 campaign he repeated that line over and over and over again. It was another one of Trump’s lies, but it likely helped push him over the finish line with an electorate angry about inflation and the cost of living.
Trump’s argument was that if we pull out all the stops to boost oil drilling, that would bring down gasoline prices. That’s an argument that seems like it might be true if you remember a bit of high school economics. More oil = lower prices, right?
But it doesn’t work. The U.S. is already the largest oil and gas producer in the world and yet this is the second global oil shock we’ve seen in less than five years. The fact that we produce a lot of oil doesn’t matterbecause the price of oil is set on the global market. Prices spiked in 2022 following Russia’s invasion of Ukraine, and our massive domestic oil industry didn’t graciously volunteer to lower prices for U.S. drivers. All that happened was that those companies raked in tens of billions in windfall profits, and everyday consumers paid the bill.
The same thing is happening now with U.S. oil companies set for a staggering $63 billion windfall profit. And this will keep happening so long as our economy remains dependent on oil. The truth is, there’s only one thing that will permanently bring down gasoline prices. Stop using oil and switch to renewable energy.
Here’s what actually works
With gasoline prices this high, the economic benefit to electric vehicle owners is pretty clear. Even in normal times, the cost to fuel an EV is cheaper than fueling an internal combustion engine vehicle. And electricity prices are far less volatile than oil prices.
However, for most people it isn’t possible to just switch to a new car at the drop of a hat (or rise of the gasoline price). Most people intend to drive their car for years after they buy it. But what many people might not know is that having more EVs on the road is cheaper for everyone – even if you drive a gasoline-powered car.
Basically, more EVs on the road means lower demand for gasoline, which lowers prices for everyone. When Trump 2.0 came into office, he passed a bill repealing tax credits for both new and used electric vehicles, and his EPA also rolled back Biden’s clean vehicle standards. Modeling from the Rhodium Group found that this repeal and rollback would raise gasoline prices by 20 to 37 cents per gallon by 2035, the “equivalent to more than doubling or even tripling the federal gas tax.” Another recent study found that pro-EV policies could lower gasoline prices by 4%.
Oil dependence is a scam
High energy prices remain very unpopular with the U.S. public, and people are starting to notice that Trump’s words don’t line up with reality. As one Trump supporter told the AP, “All I heard was … ‘Drill, baby, drill.’ […] OK. Well, they’re drillin’. Why’s my bill the same?”
To recap: Trump trapped us into oil dependency by taking away EV tax credits, and then he got us into a dumb, cruel war that sent gasoline prices through the roof. If Trump has his way we would remain trapped in oil dependency and this same cycle would repeat again and again.
Alright, so what can we do? First, end this destructive and unjust war on Iran.
Second, in the short term a windfall profits tax can help claw back excessive oil company profits and can help families struggling with Trump’s high energy costs.
Third, ditch Trump’s bizarre oil fantasies, and return to rational science-based climate and energy policy. The faster we can invest in public transportation and make zero-emissions transportation affordable for everyone the faster we can reduce demand for oil and the better off we all will be.
Fourth, get off oil for good. Thankfully, this doesn’t have to happen for everyone tomorrow, but it should be the target we’re aiming for. With smart government policy we can manage the transition from dirty, expensive energy to clean, affordable energy in a way that saves both money and the planet.
Demand oil and gas corporations pay their fair share to repair the harms they’ve unleashed!
