While President Donald Trump has warned the oil companies to reduce gas prices at the pump to reflect the drop in crude oil costs, GasBuddy analyst Patrick De Haan says reducing fuel costs might be more complicated than it seems.
Heat Waves, Attacks On Russian Refineries In an interview with Yahoo Finance on Tuesday, De Haan hailed Trump's push to reduce prices, saying that Americans have been grappling with high fuel costs since the war in Iran kicked off.
Read Also: Gavin Newsom Defends California Gas Tax, Blames 'GOP-Enabled Iran War' For $63 Billion In Higher Fuel Costs De Haan said that oil prices were around $70/bbl almost 15 years ago, which resulted in a much lower national average price of gas.
However, factors like the gas taxes that have "gone up in virtually every state," as well as the "heat wave" that has impacted refinery production, were not taken into consideration.
"You can have all the oil in the world, but if you don't have enough refineries, that's going to keep prices higher," De Haan said.
