Trending Now - Trump's Gas Price Strategy Faces Risks Amid Rising Costs

WHO:

CNN - President Trump, Energy Secretary Chris Wright, Interior Secretary Doug Burgum, Democratic Rep. Ro Khanna, Matt Smith (lead oil analyst at Kpler), Bob McNally (founder and president of Rapidan Energy Group), Vikas Dwivedi (global energy strategist at Macquarie Group), Robert Auers (manager of refined fuels at RBN Energy), Chevron CEO Mike Wirth, economist Paul Krugman.

WHAT:

CNN - The average gas prices in the United States are approaching $5 per gallon, having risen from about $2.98 to $4.48.

Common Dreams - The US experienced a 42% increase in gas prices between February 23 and April 27, ranking fifth-highest in the world.

Alternet - In April, of the 11,000 new cars purchased in Norway, only around 150 were powered by fossil fuels.

Common Dreams - Countries like France and Spain, which utilize nuclear and renewable energy, have fared better during the price hikes.

WHERE:

CNN - The Strait of Hormuz, a critical shipping route for oil.

Common Dreams - The United States, Europe, and specifically mentioning countries like France, Spain, Germany, and Italy.

WHEN:

Common Dreams - The gas price increase was noted as of a Tuesday, with the war with Iran ongoing for three months.

Common Dreams - The price increase data was analyzed from February 23 to April 27.

WHY:

CNN - The rise in gas prices is attributed to the war in the Middle East and restrictions on oil shipping through the Strait of Hormuz.

Common Dreams - The US's reliance on fossil fuels and the geopolitical disruptions have led to significant price increases.

Alternet - The shift towards green energy is seen as a response to the risks associated with relying on imported hydrocarbons.

HOW:

CNN - Industry insiders suggest that export controls could temporarily lower prices but may harm US refiners and the energy supply chain in the long term.

Common Dreams - The US's intricate energy supply chain relies on a mix of imports and exports, with 6.5 million barrels of crude imported daily.

Alternet - The Trump administration has cut funding for EV charging infrastructure and is working to end EV tax credits and subsidies.

(UPDATED May 6, 2026 11:34 UTC)

Gas prices in the United States are nearing $5 per gallon, a significant jump from about $2.98 just a few months ago, with a staggering 42% increase recorded between February 23 and April 27. This surge is largely attributed to ongoing geopolitical tensions in the Middle East, particularly the war with Iran and restrictions on oil shipping through the crucial Strait of Hormuz. As the country grapples with its reliance on fossil fuels, industry experts suggest that while export controls might provide temporary relief, they could ultimately disrupt the energy supply chain and harm US refiners in the long run.