For months, the president has blamed the Biden administration for creating a problem that is difficult to solve. But the clock is ticking on this promise. Last October, Trump said during a campaign speech in Detroit: “We will frack, frack, frack and drill, baby, drill. I will cut your energy prices in half within 12 months.”

Why Are Gas Prices So Low Now?

The lowest average price for a gallon of regular fuel was reported in Oklahoma, according to GasBuddy, at $2.464. This was the only state where gas cost less than $2.50. The highest price was reported, as usual, in California, where a gallon of regular gas cost $4.602.

The president cannot take credit for the recent gas price declines, according to De Haan, who said that the Organization of the Petroleum Exporting Countries (OPEC) and market forces were primarily responsible for the price drops.

 “Prices have declined seasonally, as they always do, and thanks to OPEC continuing to raise oil production,” he told Newsweek.

The recent fall in gas prices “has been just as we expected in our 2025 Fuel Outlook,” De Haan said, referring to GasBuddy’s projections for this year issued last December. “We predicted the national average would fall below $3/gal in October,” De Haan said.

“The president has limited control and in my view is not the primary reason if it happens,” he continued.

Gas prices usually fall after summer, as Americans travel less and demand dwindles a little before peaking again during the holidays and producers switch to a different blend that is cheaper to process.

Will Prices Continue To Fall?

On Monday, De Haan wrote on X that if and when the national daily average was $2.972/gal or lower, it would be the lowest daily average since May 10, 2021, according to GasBuddy data. However, he added that “the national average price of gasoline is very unlikely to fall below its 2021 levels anytime in 2025 or 2026 or potentially beyond.”

Earlier this year, De Haan told MarketWatch that there was a chance gas prices would fall as a result of the slowing U.S. economy. “When the economy slows, gasoline demand drops—along with demand for other refined products such as diesel and jet fuel,” he said. “We’ve already seen some signals that the months ahead could be challenging.”

It is difficult to say how the U.S. economy is faring since the government shutdown has delayed the release of crucial information, such as the jobs report.

As Melissa Cohn, the regional vice president of William Raveis Mortgage and a 43-year mortgage industry veteran, told Newsweek in a written statement, “We’re living in a data void” that is making it harder for key experts to make decisions, including the Federal Reserve.

There is still a chance that gas prices will rise again, given the uncertainty around the Trump administration’s tariffs and that a major hurricane could hit the country.