US Gas Prices Hit Record Highs While Trump Sticks to $2 Pledge

Labor Day 2026 marked the most expensive holiday at the pump in American history, with US gas prices averaging $4.15 a gallon. Donald Trump used the occasion to repeat his promise of bringing fuel costs below $2 a gallon. This time, he tied that goal to winning the ongoing conflict in Iran, marking a new shift in his long running pledge.

For two years, Trump has insisted that energy prices would plummet. Back on the campaign trail, he claimed that costs would drop by half within his first year in office. Instead, numbers at the pump climbed higher, breaking past previous records from 2012 and staying above $4 for the entire month of August. Energy experts and market analysts repeatedly called the sub $2 target unrealistic.

While the White House recently pointed to a new oil deal with Venezuela as a solution for high costs, energy economists note that retail prices will not drop immediately. Officials also urged the Department of Justice to investigate potential price gouging by retailers. For now, drivers continue paying record rates while traders watch to see if any policy shifts actually move the needle on energy costs.