OAN Staff Brook Mallory
12:06pm – Friday, February 21st, 2025
President Donald Trump said this week that he will work with Republicans in Congress to alleviate the pain that Americans face financially with gas pumps.
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According to the AAA, the average national gas price on Thursday was $3.16 per gallon, lower than the $3.27 in February 2024, but exceeded $3.12 a month ago.
The president's plan to reduce inflation has been hampered by the cost of energy and increased maintenance of seasonal refineries, among other reasons. But Trump sees hopes to provide incentives to businesses to continue manufacturing in the US and work with Republicans in Congress to cut all taxes to cut gas prices. Daily Mail It has been reported.
Trump said “100% Cost for Building a New Factory in the US” will be one of the cuts during the meeting hosted by the Saudi Arabian Sovereign Wealth Fund at a meeting held in Miami on Wednesday. Ta.
“As long as you invest in America, build it in America, hire it in America, that means I'm fighting for you,” the president said.
Trump has not provided details about the tax cut, but he may even extend to domestic oil and gas producers, but previously said they will become part of his future tax system. .
“I will work with Republican Congress to pass the largest tax cut in American history. We will dramatically cut taxes on families, workers and businesses.
According to some analysts, the domestic manufacturing boom is a cost-saving solution, requiring traditional supply and demand variables.
“Price is defined by supply and demand, unless strong forces such as government policies and controls do not outweigh the market forces,” says Carl Blauer, executive analyst at the automotive market ISEeCars.com.
“If oil production in the US increases due to more drilling and fewer restrictions, it almost certainly means reducing oil costs as increased market supply side pushes prices down. This is “It could reduce the price of gas at pumps as gas prices are largely determined by global oil prices.”
Additionally, Trump has pledged to expand its strategic oil reserves.
“The world runs with low-cost energy, and energy-producing countries like us have nothing to apologise,” he said. that. “
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