Liam Denning, Columnist

Trump Has No Choice But to Break His $2 Gas Promise

December 31, 2025 at 11:00 AM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

Stubborn prices
Photographer: David Paul Morris/Bloomberg

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Next month sees the expiration of President Donald Trump’s self-imposed deadline for one of his more fantastical pledges: To cut Americans’ energy costs in half. As falling approval ratings and recent Democratic election wins attest, this one matters.

Regretfully, Trump’s score card is wanting here. Average utility prices have risen faster than inflation this year, featuring prominently in some of those blue election victories.