CNN reporters rejoice over lower Labor Day gas prices under Trump

CNN reporters Erica Hill and Matt Egan rejoiced on Friday about decreased Labor Day gas prices under President Donald Trump’s administration.

Gas prices surged to record highs in June 2022 under former President Joe Biden, with the national average per-gallon price nearing $5. Hill and Egan noted on “CNN News Central” that certain states’ average gas prices were even below $3 per gallon ahead of the holiday.

WATCH:

“If you’re planning a road trip this holiday weekend, gas prices at their lowest level for a Labor Day weekend in years,” Hill said. “In some states, they are below $3 a gallon. Matt Egan is here with the good news. We have to say goodbye to summer, but we’re going to do it and save some cash.”

“Look, you are in luck if you’re hitting the roads this holiday weekend. GasBuddy is projecting the national average this Labor Day: $3.15 a gallon. That’s the lowest since 2020,” Egan said. “Of course, back then, the roads were pretty empty because of COVID. You can see the trend the past few years. The expectation is that prices will be a little bit lower than last year, but significantly lower than three years ago, when we’re looking at almost $4 a gallon.”

Egan added that 15 states currently have gas prices below $3 per gallon, including Georgia, Iowa, Louisiana and North Carolina. He asserted the lower gas prices were helpful due to Americans struggling with high costs in other areas, such as groceries and electricity.

Egan attributed the decrease in gas prices to a significant decline in oil prices, which have plunged since Trump became president again from $80 to $65 per barrel.

“This is a big change. Now, the White House has been quick to take a victory lap here, crediting the president with unleashing American energy dominance. Now, it’s true that U.S. oil production is basically at all-time highs,” he said. “But what’s notable is production is down just a little bit since the president took office. And analysts say that the fact that oil is cheap right now and gas is cheap, it’s really about foreign oil, specifically OPEC.”

“OPEC refused to pump more during the Biden years. They are pumping aggressively now, and that is something that the president has pushed them to do. That’s the big difference right now,” he continued. “But look, no matter the reason, analysts do expect that this is a trend that could be here for a bit. GasBuddy is telling me that they think gas prices are likely to drop below $3 a gallon nationally this fall. And of course, that would be very good news as well.”

Americans also experienced the cheapest Memorial Day weekend at the pump since 2021 in 2025 before summer gas prices decreased to a four-year low, according to GasBuddy and the American Automobile Association.

Moreover, CNN business reporter Vanessa Yurkevich on Aug. 12 touted energy prices decreasing in July, as the Bureau of Labor Statistics (BLS) reported.

When you look at the key categories that we always look at — energy, food and shelter — energy fell by 1.1%,” she said. “That was largely driven because of gas prices falling in the month of July by 2.2%.”

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