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Despite President Trump’s promises to lower gas prices, analysts predict prices could rise significantly due to seasonal factors and proposed tariffs.
Seasonal factors, including refinery maintenance and summer-blend transition, could push prices up 25-75 cents per gallon by spring.
Trump’s proposed 25% tariffs on Canada and Mexico could further increase prices, especially in the Midwest, where Canadian oil imports are crucial for refineries.
Additionally, his pledge to refill the Strategic Petroleum Reserve “right to the top” could tighten oil supplies and boost prices.
Industry experts note that despite Trump’s “drill, baby, drill” agenda, oil companies remain focused on shareholder returns rather than increasing production, and current U.S. oil output is already at record levels.
