President Donald Trump recently claimed gasoline prices had “come down very substantially,” even as Americans across the country continued paying some of the highest fuel prices seen outside the 2022 energy crisis.
Fact-checkers and economic data show Trump’s statement was inaccurate.
National gasoline prices were still rising in the days leading up to his remarks, and by historical standards, prices remained unusually high.
What Trump Said
During remarks to reporters on May 7, 2026, Trump responded to questions about rising fuel prices by saying:
“Gas prices have come down today. Have you looked? They’ve come down very substantially today.”
The comments came as the national average gasoline price climbed above $4.50 per gallon amid ongoing instability in global oil markets linked to tensions involving Iran and the Strait of Hormuz.
What Gas Price Data Actually Shows
According to AAA national averages cited by PolitiFact, gasoline prices did not substantially decline before Trump’s statement.
Instead, prices increased each day from May 4 through May 7:
- May 4: $4.457
- May 5: $4.483
- May 6: $4.536
- May 7: $4.558
The day after Trump’s remarks, prices dipped by roughly one cent per gallon — a decrease experts say was far too small to qualify as prices dropping “very substantially.”
PolitiFact rated Trump’s statement “False.”
Why Oil Prices and Gas Prices Don’t Move Together Immediately
Part of the confusion comes from the difference between crude oil prices and gasoline prices at the pump.
In the days before Trump spoke:
- crude oil prices did fall somewhat
- Brent crude declined from around $114 to near $103 per barrel
- U.S. West Texas Intermediate crude also dropped modestly
However, economists and energy analysts say gasoline prices usually lag behind oil price changes because:
- refineries need time to process crude oil
- transportation costs fluctuate
- retailers adjust prices gradually
- supply disruptions still affect markets
That means short-term declines in oil prices do not immediately translate into cheaper gasoline for consumers.
Gas Prices Were Still Near Historic Highs
Even with modest oil price fluctuations, fuel prices remained unusually expensive by historical standards.
According to PolitiFact:
- the only sustained period with higher national gasoline prices occurred in 2022 after Russia invaded Ukraine
Other recent economic reporting also showed Americans were increasingly frustrated by rising fuel costs.
A University of Michigan consumer sentiment survey released in early May found economic confidence had fallen sharply partly because average gas prices climbed to around $4.60 per gallon nationally.
The Washington Post similarly described gasoline prices as reaching “wartime highs” amid Middle East tensions.
Why Prices Rose So Much in 2026
Several major geopolitical and economic factors pushed fuel prices higher during Trump’s second term.
The biggest driver has been instability involving:
- Iran
- the Strait of Hormuz
- global oil shipping routes
The Strait of Hormuz is one of the world’s most important oil transit chokepoints, carrying a large percentage of global petroleum exports.
Disruptions linked to military tensions and shipping restrictions in the region caused oil prices to spike sharply in 2026.
Analysts warned the energy shock became one of the most severe global oil disruptions in decades.
Experts Warn Prices Could Rise Further
Some economists and energy analysts warned Americans might see even higher prices later in the summer.
The Daily Beast reported analysts forecasting gasoline prices potentially exceeding $5 per gallon if geopolitical instability continued.
Meanwhile, Trump’s own energy secretary, Chris Wright, acknowledged recently that prices might not fall below $3 per gallon again until 2027.
Those comments contrasted sharply with Trump’s campaign promises that energy prices would rapidly decline after returning to office.
Why Gas Prices Matter Politically
Fuel prices remain one of the most politically sensitive economic indicators in the United States because consumers see them constantly.
Even when broader inflation moderates, rising gas prices heavily influence:
- voter sentiment
- consumer confidence
- perceptions of presidential economic performance
Recent polling and economic surveys show inflation and fuel affordability have become major political liabilities for the Trump administration heading into the 2026 midterm election cycle.
Bottom Line
No, gas prices had not “come down very substantially” when Trump made the claim.
National gasoline prices were still rising in the days before his remarks and remained near historic highs by modern standards.
While crude oil prices experienced short-term declines, experts say those fluctuations do not immediately translate into lower prices at gas stations.
Fact-checkers concluded Trump’s statement was false.
FAQ
Did gas prices decrease before Trump’s statement?
No. AAA data showed national average gasoline prices increased daily from May 4 through May 7.
Why did Trump say prices were falling?
Crude oil prices had declined somewhat, but gasoline prices at the pump had not followed yet.
Are current gas prices historically high?
Yes. Analysts say prices are among the highest in U.S. history outside the 2022 post-Ukraine invasion spike.
Why are gas prices elevated in 2026?
Major drivers include geopolitical instability involving Iran and disruptions affecting the Strait of Hormuz oil shipping route.
Sources
https://www.politifact.com/factchecks/2026/may/08/donald-trump/gasoline-prices-falling-crude-oil
https://www.washingtonpost.com/politics/2026/05/02/trump-gas-prices-iran
https://www.theguardian.com/us-news/2026/apr/19/trump-energy-secretary-chris-wright-gas-prices