Gas Prices Dropping in Texas Despite Trump’s Tariff Wars

President Donald J Trump is in a standoff with many countries around the world in a tariff war, and because of that the stock market is down and the prices of many imported goods are up. However, there is one product that is getting shipped to America from foreign lands that is actually going down in price.

⛽ Texas Pump Prices: Down Over the Past Year and Trending Lower

This time last year, the average price of gasoline in Texas was $3.22 a gallon according to AAA. Today, a gallon of gas is about $2.80 in the Lone Star state, and it is on a downward trend. A month ago, gas was $2.68 a gallon, and then it went as high as $2.80 a week ago. Over the last week the price of gas has dropped almost $.10 a gallon, and it looks as if it could continue to decline for the foreseeable future.

💡 The Real Reason: Supply and Demand Driving Down Gas Costs

While President Trump may be trying to take credit for the drop in fuel prices, the cost of a gallon of gas is less expensive because of an imbalance between supply and demand as opposed to Trumps tariffs or his oil drilling policies. In fact, an independent oil analyst, Andy Lipow, told ABC that despite this administration's push to ease drilling regulations on the American oil industry, the country has not produced a significantly higher amount of oil than under the previous administration. In fact, the US oil industry was already producing more oil than any other country prior to Donald Trump being reelected and taking office once again in the White House.

💸 A Welcome Break: Lower Gas Prices Offer Personal Budget Relief

Regardless, with the price of everything else in the country being more expensive it is nice to feel some relief in the personal budget of each individual. President Trump is playing a very aggressive game with the economy by pushing extreme tariffs onto all of the countries that supply us goods. We should all be hoping that the man who wrote "The Art of the Deal" is going to prove all of his critics wrong whether we voted for him or not. The economy depends on it.