Trump says US oil boom just getting started as America outpumps Saudi Arabia, Russia combined

The White House says the United States is producing more oil than ever before, even outpacing Saudi Arabia and Russia combined. Yet drivers are still paying elevated prices at the pump.

That disconnect is frustrating for consumers, but it highlights an often overlooked reality: more oil production doesn’t automatically translate into cheaper gasoline.

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A recent White House statement pointed to record U.S. energy output as a source of strength during rising geopolitical tensions, including a naval blockade aimed at countering Iranian activity in the Strait of Hormuz, one of the world’s most critical oil shipping routes.

The administration emphasized that U.S. production has reached historic highs, with crude output hitting 13.6 million barrels per day and natural gas production setting new records as well.

“President Trump’s energy dominance agenda is more than policy; it is American strength,” the White House said in its statement, boasting that more than 150 tankers were headed to U.S. ports to load up on crude (1). “While adversaries weaponize energy, America delivers it.”

The message is clear: America has become a dominant global energy supplier, but that doesn’t mean gas prices will fall anytime soon. The average price of a gallon on May 4, 2026 was $4.45, up from $4.11 per gallon in late April, The Economic Times reports (2).

Meanwhile, some parts of the U.S. are seeing gas prices as high as $6, according to GasBuddy, which provides real-time gas price info to drivers (3).

Why more oil doesn’t always mean cheaper gas

Gasoline prices are shaped by a global market, not just domestic production.

Even though the U.S. is pumping record levels of oil, prices are still heavily influenced by international supply disruptions, geopolitical risk and refining capacity. Events in the Middle East, especially around chokepoints like the Strait of Hormuz, can quickly push prices higher, regardless of how much oil is being produced in American oil-rich regions like Texas or North Dakota.

Trump has often exhorted American oil producers to “drill, baby, drill” as a way to tap America’s oil deposits, recently repeating the phrase during his State of the Union address in February (4). But because oil is traded globally, U.S. producers often sell to the highest bidder on the world market. If demand is strong overseas, domestic supply doesn’t necessarily stay at home, and that can keep prices elevated.

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Another key factor is refining. Crude oil has to be processed into gasoline, and the U.S. refining system has limited spare capacity. If refineries are operating near their limits or temporarily offline for maintenance, gas prices can rise even when crude supply is abundant.

Finally, seasonal demand plays a role. Prices tend to climb in the spring and summer as more Americans hit the road for vacations, increasing demand for gasoline.

How to manage high gas prices

While drivers don’t have much control over oil markets, there are a few practical ways to reduce the impact on your wallet.

“As drivers, we can’t control the global fuel market but we can control how efficiently we use every gallon,” said Jana Tidwell, public & government affairs manager for AAA Club Alliance (5). “Additionally, there is uncertainty about how high prices will go and how long they will stay high, but there are simple actions drivers can take to improve their gas mileage and save money at the pumps.”

Here are AAA’s tips on how to save money on gas.

Be strategic about filling up: Gas prices can vary significantly by location and even by day of the week. Apps and price trackers can help you find cheaper stations nearby, and filling up earlier in the week is often less expensive than waiting for the weekend.

Drive more efficiently: Simple habits — like avoiding rapid acceleration, maintaining steady speeds and keeping tires properly inflated — can improve fuel efficiency and stretch each gallon further.

Rethink how much you drive: Combining errands, carpooling or using public transportation when possible can reduce overall fuel consumption, especially during periods of high prices.

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Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

The White House (1); The Economic Times (2); GasBuddy (3); YouTube (4); AAA Club Alliance (5).

This article originally appeared on Moneywise.com under the title: ‘Drill, baby, drill’: Trump says US oil boom just getting started as America outpumps Saudi Arabia, Russia combined

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.