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U.S. Drivers May Pay Less for Gas in 2019. Trump Credits Himself

Barbara Powell
U.S. Drivers May Pay Less for Gas in 2019. Trump Credits Himself

(Bloomberg) -- American drivers are likely to pay a little less for gas this year and President Donald Trump is happy to take credit.

The projected $2.70 a gallon pump price for 2019 is 3 cents lower than 2018 levels, although this year’s high could reach $3 as soon as May and top $4 in some cities, according to GasBuddy’s Price Fuel Outlook. The lower prices have not escaped Trump’s attention, who equated them to a tax cut in a Tweet Tuesday.

While overall prices are set to decline, drivers should brace for a rocky ride.

Continued OPEC production cuts and a strong U.S. economy would push prices higher in the spring while an economic slowdown or lower demand could reduce prices, wrote Patrick DeHaan, head of petroleum analysis at GasBuddy.

DeHaan says predicting prices this year is especially hard because “you never know what President Trump might do or say to either cause a running of the bulls or bears.”

“Buckle up for the extra volatility we’re going to see -- it could be nauseating,” DeHaan said.

To contact the reporter on this story: Barbara Powell in Houston at bpowell4@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Mike Jeffers

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