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White House oil push draws attention as gas prices fall

Written by Isaac FrancisPublished jan. 16 2026Last Updated jan. 16 2026

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President Donald Trump has marked lower fuel prices with a viral White House TikTok video featuring him dancing to the song “Gasolina,” drawing widespread attention online.

The video, shared on the official White House account, carried the slogan “promises made, promises kept” and pointed to declining gas prices across much of the United States.

According to the post, 43 US states are now reporting average petrol prices below $3 per gallon.

The White House also claimed that several states, including Kansas, Oklahoma, Texas, and Colorado, have seen prices fall to around $2 per gallon or lower.

The celebration comes as President Trump continues to publicly state that he wants oil and gas prices to fall even further.

The current price environment stands in contrast to the previous administration, when average petrol prices reached $3.45 between January 2021 and December 2024, based on data from the US Energy Information Administration.

Analysts say broader global market forces have played a major role in easing prices at the pump.

Global supply dynamics — particularly OPEC’s production decisions — have been the primary force behind the relief drivers are seeing at the pump.

Patrick De Haan said.

High levels of US oil production, combined with steady supplies from OPEC members, have helped maintain downward pressure on prices.

Trump’s outreach to Venezuela has also drawn attention as a possible factor in future oil supply stability.

Some analysts argue that additional Venezuelan oil entering the market could influence prices, even in small volumes.

Prices are set on the margin, and small imbalances in volume can lead to large shifts in prices.

Rick Joswick said.

Venezuela currently produces between 800,000 and 1 million barrels per day, well below its historical capacity.

Experts caution that reaching production levels above 3 million barrels per day would take years due to ageing infrastructure and power shortages.

Even with projected private investment reportedly reaching $100 billion, recovery is expected to be slow.

Developments involving Iran have also affected oil markets in recent days.

Trump recently stated that tensions in Tehran had eased and that further crackdowns were unlikely.

Following those remarks, Brent crude prices fell by more than 4 percent, highlighting market sensitivity to geopolitical signals.

Iran has well-maintained infrastructure and produces over 4% of the world’s oil.

Jim Reid said.

Analysts warn that any major disruption in Iran could have wider spillover effects across global oil markets.

Despite ongoing uncertainties, De Haan expects US gas prices to trend lower into 2026.

He projected an average of $2.97 per gallon next year, citing easing post-pandemic distortions, expanded refining capacity, and more stable supply chains.