Trump's Thousand-Year Supply Claim Fails to Lower Gas Prices

Oil prices plummeted across the board, with Brent crude falling 3.75% to around $85.05/bbl and WTI crude dropping 3.15% to $80.01/bbl.

However, despite the decline in crude oil prices, gas prices remain elevated at the pump, according to GasBuddy analyst Patrick De Haan.

De Haan pointed out that gasoline futures are down just 2 cents/gallon, which is significantly lower than the expected drop if it followed the same trend as oil prices.

The major limiting factor holding up more relief for gas prices is the refining capacity, De Haan said.