May 24, 2019

Trump's cheap summer win: gas prices

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Data: U.S. Energy Information Administration, Bureau of Labor Statistics; Chart: Harry Stevens/Axios

Gasoline prices heading into Memorial Day weekend — the start of the summer driving season — are fairly modest by historical standards and lower than last year's levels.

Why it matters: It's a break for people who need or choose to drive long distances. That's also good news for President Trump. Energy prices are politically ominous for presidents when they're high.

  • This isn't lost on Trump, who tried to take credit for gasoline prices when they were falling early in the year and in general likes to highlight the topic.
  • He also makes a public show of leaning on OPEC.

But, but, but: U.S. presidents have limited and indirect influence on pump prices. Instead, they're most directly tethered to oil prices set on global markets that respond to all kinds of global economic and geopolitical forces.

  • Most recently, trade disputes are putting downward pressure on prices.
  • Overall, the White House faces a tricky balancing act as it toughens sanctions against Iranian exports while trying to avoid political blowback over how that could put upward pressure on crude prices.

Where it stands: Gasoline prices have been rising for much of the year but dipped in recent weeks. Per AAA, the nationwide average price is $2.85 per gallon for regular gasoline today, roughly 12 cents below last year at this time. AAA says...

"For the 37.6 million motorists hitting the road for Memorial Day they can expect gas prices to be cheaper than last year with the exception of a few states in the West Coast and Rockies region."

Go deeper: The states with the most expensive gas prices

Go deeper

The polarized pandemic election

A Trump supporter protests Pennsylvania's stay-at-home order, during a May 15 rally outside the Capitol in Harrisburg. Photo: Mark Makela/Getty Images

President Trump is going all-in on pushing for a rapid, robust return to normal life, creating a visual, visceral contrast with Joe Biden and other Democrats who are more reticent to rip the masks off.

The state of play: Business friends have been urging Trump from the beginning to keep the lockdowns short. He's listening more and more.

Tech's long hot summer of antitrust

Illustration: Aïda Amer/Axios

Google, Facebook and other tech giants face a summer of regulatory grilling as long-running investigations into potential anticompetitive practices likely come to a head.

The big picture: Probes into the power of Big Tech launched by federal and state authorities are turning a year old, and observers expect action in the form of formal lawsuits and potentially damning reports — even as the companies have become a lifeline for Americans during the pandemic lockdown.

Palantir CEO hits Silicon Valley "monoculture," may leave California

Palantir is "getting close" to a decision on whether to move the company out of California, CEO Alex Karp said in an interview for "Axios on HBO."

The state of play: "We haven't picked a place yet, but it's going to be closer to the East Coast than the West Coast. ... If I had to guess, I would guess something like Colorado."