Trump Vows to Cut Consumer Prices

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oil prices

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oil supplies

USA Today

•

US Politics

Why Trump's plan to 'drill, baby, drill' is unlikely to cut gas prices and fix inflation

Summary

Nutrition label

80% Informative

President-elect Donald Trump vowed to lower consumer prices that have soared since the pandemic.

Trump is expected to speed drilling permits that took an average 258 days to complete during the Biden-Harris war on American energy.

Experts say boosting oil supplies theoretically could reduce oil and gasoline prices and help nudge down the price of groceries and other goods by cutting their transportation costs.

Oil companies have become far more conservative in their capital spending since the early days of the pandemic.

Companies still need to drill new wells as existing ones deplete and meet moderately growing global demand.

A sudden rise in prices that threw the market out of balance probably would prompt an immediate boost in production by the Organization of the Petroleum Exporting Countries , or OPEC .

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful