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Trump's Energy Strategy Faces Challenges Amid Rising Gas Prices

KVIA•Monday, May 18, 2026 at 10:50 AM•CNN Newsource

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AI Summary

The ongoing energy crisis is creating financial strain for consumers and political pressure for the Trump administration, as gas prices soar to $4.50 per gallon. With inflation rising and real wages declining, Trump is taking emergency measures, including tapping into U.S. oil reserves and easing sanctions on Russia and Venezuela. Experts predict that gas prices could reach $5 per gallon this summer, with Brent crude oil futures averaging $130 per barrel. While some lawmakers suggest suspending the federal gas tax, analysts warn that this could exacerbate demand amid supply shortages. The administration is also facing calls to restrict U.S. oil exports, which could have destabilizing effects on global markets.

Key Details: • Gas prices may hit $5 per gallon this summer. • Current U.S. oil production is at 13.7 million barrels per day. • Suspending the federal gas tax could cost $11.5 billion in lost revenue. • Experts predict a 70% chance of renewed hostilities in the Middle East affecting oil supply.

trump oil gas-prices inflation energy-crisis

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Donald TrumpMark ZandiUnited StatesEIAColumbia UniversityTaylor RogersPiper SandlerBob McNallyPenn Wharton Budget ModelOrmuz StraitJan Stuart

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