Where Trump is likely getting his $1.98 gas price figure
US President Donald Trump leaves after taking questions from the press on the South Lawn upon returning to the White House in Washington, DC, on May 4, 2025.
Alex Wroblewski | Afp | Getty Images
President Donald Trump has falsely claimed that gasoline prices have fallen below $2 per gallon, in his push to convince the Federal Reserve to lower interest rates.
“Gasoline just broke $1.98 a Gallon, lowest in years,” Trump said in a post on his social media platform Truth Social on Friday. “Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!!”
U.S. drivers, however, were paying $3.165 per gallon on average Monday, according to the motorist association AAA. That’s an increase of nearly 2 cents from last week and about $1.18 more per gallon than Trump’s claim. Gas prices have increased about 4 cents since Trump took office on Jan. 20, when consumers were paying about $3.12 on average, according to AAA data.
GasBuddy has also seen gas prices rise about 2 cents over the past week to $3.12 per gallon, based on data from more than 12 million price reports covering over 150,000 gas stations across the country. The increase this week is the first time drivers have paid more at the pump in nearly a month.
Still, the national gas price average is down 12 cents compared with last month and 49.6 cents lower than the same period last year, according to GasBuddy data.
RBOB gasoline futures
RBOB Gasoline futures did touch $1.98 per gallon on Thursday, the day before Trump’s post. The contract is currently trading at around $2 after hitting a low of about $1.96 during Monday’s trading session. The RBOB contract, however, does not reflect what drivers are currently paying at the pump. The contract tracks wholesale, unfinished gasoline before other costs are included such as mixing in ethanol to produce retail gas.
When asked by CNBC whether the president was referencing RBOB, Trump administration officials pointed to the contract’s recent price action.
Patrick De Haan, head of petroleum analysis at GasBuddy, said only analysts, wholesalers and fuel buyers at large store chains care about RBOB.
“That price is not inclusive of anything. It excludes taxes, it excludes tariffs, transportation, the cost of doing business, credit card fees — I mean all of it,” he said.
RBOB Gasoline
“It does not come anywhere near explaining what consumers are paying,” the analyst added. “It would be irrelevant to the consumer to know what the price of RBOB is because they’re not paying the wholesale price of RBOB.”
Average pump price may fall below $3 a gallon
According to De Haan, there are a few places where a consumer might pay less. Gas prices are in the $2.20 range at some individual stations in states such as Texas and Tennessee, he said
“Nothing at retail level that I’ve seen in the last couple of weeks has been below $2 a gallon,” he said. However, De Haan said he has seen some individual payments of $1.99 per gallon, but these reflect loyalty point redemptions that consumers use to reduce what they pay at the pump.
“In an apples-to-apples comparison, we have not seen a retail price available to everyone below about $2.20 a gallon, but what we have seen is consumers can lower their prices through the use of points and other promotions,” De Haan said.
Gas prices in the U.S. could soon dip below $3 per gallon as refinery maintenance wraps up and supplies increase in the U.S., De Haan said. Prices at the pump are currently at the lowest levels since 2021, De Haan said.
White House spokesperson Taylor Rogers said gas prices hit record lows during Trump’s first term and are falling “again thanks to President Trump unleashing American energy.”
Gas prices have dropped over the last month as crude oil has plummeted on recession fears due to Trump’s tariffs and OPEC+ producers rapidly bringing more supply to the market.
“While some of the damage done by Bidenomics is still lingering, President Trump’s economic agenda is lowering prices for American families at lightning speed,” Rogers said.
If you’ve been eyeing the all-electric G-Wagon, Mercedes-Benz just sweetened the deal – but only for a limited time.
According to a dealer bulletin, the 2025 Mercedes-Benz G 580 with EQ Technology – AKA the electric G-Wagon – now comes with $9,500 in lease cash, up from last month’s $7,500. That’s a 27% jump in savings. The move comes just weeks before the $7,500 EV lease tax credit loophole closes on September 30.
Like most EVs leased in the US, the G-Class has been able to qualify for the credit even though it’s excluded from purchase incentives. That benefit is about to disappear, which likely explains why Mercedes is boosting the offers now.
The electric G-Wagon doesn’t come cheap. With a base price of $162,650, the $9,500 incentive amounts to only a 5.8% discount. The SUV also carries a steep advertised lease: $1,869 per month for 36 months with $14,613 due at signing. Factor it all in, and you’re really paying about $2,275 a month for 10,000 miles a year. Current Mercedes deals run through September 2.
For context, the 2025 G 580’s lease money factor now sits at 0.00180, which works out to around 4.3% APR – lower than the standard rates previously on offer.
Performance-wise, the electric G-Wagon earns an EPA rating of 62 MPGe and an electric range of 239 miles. Not groundbreaking numbers, but for buyers who want the iconic G-Wagon experience with zero tailpipe emissions, this is it.
With federal lease credits ending soon, Mercedes appears to be betting that drivers looking for a last chance at big EV savings will jump now rather than later.
Click here to find a local dealer that may have the 2025 Mercedes-Benz G 580 with EQ Technology in stock. –trusted affiliate
Thanks to CarsDirect for digging up this dealer offer.
Read more: From $129 a month: 5 of the best EV lease deals in August
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The Honda Prologue is a surprise hit. It was the second-best-selling electric SUV behind the Tesla Model Y in the second half of 2024. Now, used models are in high demand.
Honda Prologue leads used EV sales growth in July
After it delivered the first customer models last March, the Honda Prologue quickly became one of the most popular EVs in the US.
Throughout the second half of the year, Honda sold an average of over 5,000 Prologues every month. In November, it was the third best-selling EV, trailing only the Tesla Model Y and Model 3.
Honda’s electric SUV continues to be a top seller this year. Last month, it outsold the Ford Mustang Mach-E and Hyundai IONIQ 5. Since delivering the first Prologue model last March, Honda has now sold 52,500 units in the US.
According to Cox Automotive’s latest EV Market Monitor report, used Honda Prologue EVs are selling faster than expected.
Used EV sales rose sharply in July to 36,670, up 23.2% from June and 40% compared to last year. Honda had the biggest increase in used EV sales, more than doubling (+103%) month-over-month. Hyundai (+61.3%) and Rivian (60.5%) ranked second and third.
Tesla led used EV sales last month, selling 15,903 vehicles, up 18% year-over-year. GM’s Chevy (3,499 units, +28.6%), Ford (1,967 units, +25.7%), Mercedes-Benz (1,724 units, -12.3%), and Nissan (1,659 units, +19.9%) rounded out the top five.
Although its market share slipped to 43.4% from 45.2%, Tesla remained the leader by a wide margin. Other luxury brands, including BMW and Audi, reported higher used EV sales in July, with increases of 43.87% and 38%, respectively.
According to the report, used EV listing prices reached $35,263 last month, a 1.9% decrease from June. With a price gap of just $1,266, a record low, used electric vehicle prices are closing in on ICE vehicles.
New EV sales also picked up in July. With over 130,000 EVs sold, up 26% from June, the electric vehicle market share reached 9.1%, the second-highest to date.
Ahead of the $7,500 federal tax credit deadline, set to expire at the end of September, 11 brands posted their best EV sales of the year. The top five included Tesla, Chevy, Hyundai, Ford, and Honda. Volkswagen surged to sixth after electric vehicle sales surged 454% last month.
The Honda Prologue starts at $47,400, but with the credit, you can snag one for under $40,000 right now. Honda is also offering monthly leases as low as $159 in California and other ZEV states. In other regions, it’s still listed for as low as $229 per month.
| 2025 Honda Prologue trim | Starting Price* | Starting Price After Tax Credit* |
EPA Range (miles) |
| EX (FWD) | $47,400 | $39,900 | 308 |
| EX (AWD) | $50,400 | $42,900 | 294 |
| Touring (FWD) | $51.700 | $44,200 | 308 |
| Touring (AWD) | $54,700 | $47,200 | 294 |
| Elite (AWD) | $57,900 | $50,400 | 283 |
Even Honda’s luxury brand, Acura, is selling more electric vehicles than expected. Through the first half of the year, the Acura ZDX outsold the Cadillac Lyriq, and it’s based on the same GM Ultium platform.
Sales are expected to continue picking up ahead of the deadline. As Cox Automotive highlighted, “July’s performance sets a strong precedent, and as policy support winds down, the market’s ability to respond to real-time demand and brand-level dynamics will be critical in shaping the next phase of growth.”
Ready to take advantage of the savings while they are still here? We’re here to help. You can use our link to find deals on the Honda Prologue in your area (trusted affiliate link).
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The waste management experts at Republic Services are committed to cleaning up the Chicagoland area — and now, that includes the air Chicagoans breathe, thanks to the deployment of new Mack LR Electric garbage trucks in the heart of America’s Second City.
Republic Services executives and partners from local utility ComEd gathered yesterday, 14AUG, to celebrate the deployment of Chicago’s first electric refuse fleet, featuring two new Mack LR Electric garbage trucks paid for, in part, by ComEd’s commercial EV rebate program.
“The Mack LR Electric is purpose-built for refuse applications, delivering zero local emissions while maintaining the durability and performance Mack trucks are known for,” reads the official Mack press release. “The electric powertrain provides quieter operation for early morning routes and helps fleet operators meet sustainability goals while supporting cleaner air quality in urban communities. With its low cab-forward design and tight turning radius, the LR Electric maintains the maneuverability essential for residential and commercial waste collection routes.”
The big Class 8 Mack Trucks are powered by a pair of electric motors putting 400 combined kW (about 536 hp) through a 2-speed Mack Powershift transmission that offers a whopping 4,051 lb-ft of peak torque output. That’s over 40% more power than the first generation Mack LR Electric released in 2019, and this iteration can charge the 376 kWh Samsung-sourced batteries fully in under two hours at 150 kW.
Real money, real results
While Washington continues to threaten America’s economic security and position as a global technology leader by toying with the idea of killing the $7,500 Federal EV tax credit, the ENERGY STAR program, and other energy efficiency incentives, the private energy sector is stepping up with massive investments in battery storage, charging infrastructure, and commercial EV rebates – and Chicago is leading that charge (pun very much intended), with EV adoption outpacing the rest of the nation by 4:1 in Q1.
“ComEd is proud to support Republic Services in advancing zero emissions transportation for Chicago’s neighborhoods,” explains Melissa Washington, our senior vice president of customer operations and strategic initiatives. “As more customers take advantage of our EV rebate programs, we are helping empower customers to realize the air quality and energy savings benefits of EVs, and moving our communities closer to their goals for a more sustainable future.”
The new HD electric vehicles will be powered up nightly by equally new 150 kW DC fast charging stations from BP pulse, which are installed at Republic’s vehicle yard in the Little Village neighborhood. Part of the ComEd rebate money awarded to the company helped fund the make-ready infrastructure portion (effectively from the transformer to the stub) of that project, as well as at least one Ford F-150 Lightning pickup.
And, if these trucks look familiar, it might be because Republic Services also handles refuse collection for the City of Madison, Wisconsin, and added two Class 8 electric trucks to their garbage fleet last year in the form of a pair of similar Mack Electric LR HDEVs.
Electrek’s Take
Look, you know me. There is absolutely ZERO chance that I’ll be able to remain objective about anything that’s putting down more than four thousand lb-ft of torque. Make that thing quieter, cleaner, and generally better for me and my community, and there’s even less of a chance of me saying anything critical about it.
Here’s hoping more cities go electric rather sooner than later.
SOURCES | IMAGES: Mack Trucks, Republic Services, via LinkedIn.
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