Gas prices kept falling heading into the July 4th weekend, hitting $3.838 per gallon on Thursday — the lowest national average since March, according to AAA.
That’s seven straight days under $3.92, two weeks under $4, and a 45-cent drop in just one month.
The plunge follows months of wild swings tied to the Iran war. Fuel peaked at $4.564 per gallon on May 21 — the highest price of Trump’s presidency — before steadily retreating as Operation Epic Fury wound down.
“We should be, in my opinion, at $2.25 right now at the pump, and we’re higher than that. And we are doing a big investigation on it.”
Trump called out Big Oil last week in a White House press conference, accusing companies of price gouging despite falling crude costs.
He named names: Exxon Mobil, Chevron, Shell, BP.
“The gasoline or the oil prices have come down so much, and we are not seeing anything at the pump by comparison to what it should be,” Trump said.
Late Wednesday night, Trump took to Truth Social to tout the progress while keeping the pressure on.
Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, but not as fast as they should be. As we approach America’s 250th Birthday, I am pleased to announce that a VERY smart Retailer, located throughout the Northeast, is stepping up, and… pic.twitter.com/LsDki3aj3s
— Commentary Donald J. Trump Truth Social Posts On X (@TrumpTruthOnX) July 1, 2026
“Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, but not as fast as they should be,” he posted, before promoting a Philadelphia-area retailer offering discounted gas for the America 250 celebration.
Gas prices have whipsawed throughout 2026. The national average hit a five-year low of $2.79 per gallon on January 12 before spiking into the $2.90 range in February due to severe winter weather.
Prices soared when the military operation against Iran launched February 28, climbing for months until peaking in late May. They’ve fallen steadily since mid-June, finally breaking the $4 threshold on June 19.
Regional differences remain stark. Indiana has the cheapest gas at $3.125 per gallon, followed by Texas at $3.344. Oklahoma, once the perennial low-price leader, sits third at $3.374.
Hawaii still leads the nation in pain at the pump — $5.485 per gallon. California follows at $5.401, then Washington at $5.098, Alaska at $4.79, and Oregon at $4.628.
Trump’s pressure campaign appears to be working. Prices are dropping faster now than at any point since the war began.
