'There's a day of reckoning coming': Energy experts expect another spike at the pump [View all]
Source: Politico
04/28/2026 04:44 AM EDT
Energy experts say another oil price spike is coming — and it may be made worse by the president’s social media posts. President Donald Trump has repeatedly spurred temporary dips in oil prices by claiming on Truth Social that the Iran war is near an end and that U.S. oil production would ensure sky high gas prices would soon retreat.
The jawboning has mostly worked. Even as the global price of oil has crept up over $100 per barrel on the futures market, it is significantly less than the $140 per barrel spot price, or what it would take to buy a barrel today.
But the president’s promises can only work for so long. Supply of oil — especially in Europe and Asia — is dwindling and a price shock is coming, said Dan Pickering, chief investment officer at Pickering Energy Partners. He said that when the summer driving season begins there will be another gas price shock that “hits people in the face.” “There’s a day of reckoning coming,” he said. “It will be painful because I can tell you that the stock market’s ignoring this.”
Another spike in prices around Memorial Day could be a fatal blow to Republican chances for holding onto the House next year, as Americans’ confidence in the economy continues to drop.
Read more: https://www.politico.com/news/2026/04/27/trump-keeps-trying-reassure-oil-markets-some-analysts-think-he-making-it-worse-00894257
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