Trump promised to cut energy bills in half. One year later, has he delivered?

"On the campaign trail, President Trump promised to cut Americans' energy bills in half cheaper gasoline, cheaper electricity. He also said he'd "unleash" American energy production, often repeating the catchphrase "Drill, baby, drill." One year in, the price of gasoline is down about 20%. But the U.S. oil industry is definitely not drilling, baby, drilling. The price of oil is just too low to justify more of it although within the last year companies have won major lobbying victories that soothe that sting."

"Cheap gasoline: check The national average for a gallon of gasoline is down about 20% from where it was a year ago. Now, presidents whoever they are do not get to decide the price of gasoline. The price of crude oil is the biggest factor, and crude prices are set in a complex global marketplace that responds to a number of factors."

"However, Dan Pickering, the chief investment officer at Pickering Energy Partners, says that the president also put significant pressure on OPEC to bring down global crude prices. As a result, he gives Trump partial credit for today's low prices. "I think if we look at oil down 20% in 2025, that you have to say that political dynamics drove at least half of that," he says. "And as we go into 2026, I think those dynamics will still be at play.""

President Trump pledged cheaper gasoline and electricity and to expand U.S. energy production. Gasoline prices are down roughly 20% from a year earlier, and U.S. households spent about $177 less on gasoline in 2025 than in 2024. Global crude weakness has been driven mainly by an OPEC+ oversupply, though political pressure on OPEC also contributed to lower prices. Low oil prices make new domestic drilling uneconomical despite recent industry lobbying wins. A push to increase Venezuelan output could further depress crude prices if companies invest. Electricity costs are rising and are expected to increase further.

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