Imagine the hoots and howls if Biden did this.
The Command
Truth Social: Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline. Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government. President DONALD J. TRUMP
Jun 29, 2026, 5:39 PM
No Gauging!
Gauging (the present participle of gauge) generally means to measure, estimate, or evaluate the size, amount, or nature of something. Depending on the context, it serves as a method of calculating exact dimensions or an observational assessment of a situation.
Big Problems If Gauging
I need to make a not of this. Note: Big problems if gauging.
Noted.
However, there is no law anywhere against gauging.
Trump’s California Gas Tax Claim
“California should stop charging such heavy Taxes on their Gasoline. Soon the Tax will be higher than the Product itself.”
How California’s Gas Tax Works
- State Excise Tax (Fixed): This is a flat rate charged per gallon (currently 63.4 cents). It is adjusted every July to keep up with inflation, rather than fluctuating with the price of oil.
- Federal Excise Tax (Fixed): A flat 18.4 cents per gallon is tacked on by the federal government.
- State/Local Sales Tax (Based on price): California also applies an average state/local sales tax of about 4% to the price of fuel. Because it is a percentage, this portion does change based on the price at the pump.
Combined with additional regulatory fees, total taxes and fees add up to roughly 90 cents per gallon.
For Trump’s claim to be accurate, the price of gasoline needs to drop to approximately 85 cents excluding taxes.
Understanding the Price of Gasoline
- Gross Markup: Roughly 35 to 40 cents per gallon covers the station’s gross margin, which pays for operations.
- Operating Expenses: Stations must pay for rent, utilities, freight, credit card swipe fees, and labor from this gross amount.
- Net Profit: After expenses, retailers only take home about 2 to 5 cents per gallon in net profit.
As I type, the AAA listed national average gasoline price is $3.86 per gallon.
If station owners dropped the price to $2.50 they would lose a mere $1.36 per gallon.
But that’s OK because Trump demands it. Moreover, it’s the right thing to do.
Imagine the Howls
Imagine the howls if Biden wrote gauging instead of gouging and demanded the price of gasoline be $2.50.
MAGA would want Biden assigned to the looney bin, which of course where Trump belongs.
Elizabeth Warren Imitation #22
To be honest, I have lost count so I made up a number.
But I have written about this a number of times
Please consider Trump to Set Credit Card Interest Rates, Adopts More Elizabeth Warren Ideology
On credit card and food price gouging, Trump is carrying out Elizabeth Warren and AOC policy mandates.
Also consider Trump and Elizabeth Warren Share the Same Price Gouging Belief on Beef
A price gouging witch hunt is underway on food and fertilizer.
Will he stamp his little feet? Will he hold his breath? Will anybody listen to him at all except his toadies as they dodge flung fast food and edge away from the WMD he’s unleashed in his trousers?
the man emanates a field of chaos and discord so powerful they’ve given up trying to control it, let alone breach minimum safe distance.
The price per barrel on the futures market is not what is being paid on the physical markets. So Trump wants to run a bunch of gasoline retailers out of business when it’s the energy monopolies and distribution monopolies making all of the money. Brioliant!
Let’s see…..the price of a barrel of WTIC the day before the war broke out was between $67-$70 and according to AAA the national average for a gallon of gas was $2.96. Yesterday WTIC was $70.75 and above MISH penned AAA reported the national average as of his writing was $3.86/gallon. So tell me why is the price of gas almost a dollar higher now even though the price of a barrel of WTIC is literally the same today as it was the day before the war broke out. It shouldn’t be, It should be much lower. I can see where one could conclude there is price gouging going on. Too many people get fixated on the goofy rhetoric Trump says and don’t look at the crux of the issue, i.e. the price of gas should be lower.
WTI was $62 per barrel just before the war and now sits at $70 with the threat of escalation and a diminished global supply continuing to grip the market.
Physical delivery is reported to be closer to $85 on a global basis. But that is not what futures actually trade at, (I know because I just went long a few front month contracts at $69.62 to test if it was a real price).
Regular Gasoline was $2.65 the day of the election and today it is $3.99 at my local benchmark Shell station. They have not had another fill up and are carrying inventory at a high cost with the new fill coming on Thursday. We shall see what prices do after that fill.
My bet is that Trumps war will escalate again and oil prices go higher late this week regardless of what Trump wants.
Try using the day before the war started, Feb 27th instead of cherry-picking. From RTE news..https://www.rte.ie/news/business/2026/0630/1581062-world-oil-prices/
WTIC was $67.02 on 2/27/26 and AAA national average for unleaded gas was $2.98. WTIC reached $68.56 couple of days ago. AAA national average as of this article was $3.86. That takes into account stations which have “old” gas with higher oil prices as well as “newly” delivered gas. Dunno why it’s so hard for some to add 2+2. When comparing gas/oil prices then and now is it that hard for some to see that gas prices are artificially high?
This site used to be a great resource for discussing economic topics of the day but has spun downward into a site for bashing whoever is the current president and whatever political party is in charge. First bashing Biden and now Trump.
Because people will bitch about it and pay.
They don’t care if you bitch.
Sorry KCBBQ. The price of gasoline isn’t as simple as you claim. There are several factors that are keeping prices higher than before the war. I will list the 3 most important factors for you. (There are other factors as well.)
1. Seasonal demand. We are now in the high demand season for gasoline in the US at the same time that there is less supply in the US.
2. Exports. The US is exporting record levels of oil, gasoline, diesel, jet fuel etc as global demand is very high. When the rest of the world is willing to pay very high prices for US gasoline, it forces prices up here (and reduces domestic supply).
3. Refinery crack spreads are at record levels because of the record demand.
Hope that helps.
SCOTUS on June 29 handed Trump a huge whip handle over the regulatory state, along with a huge axe to roll heads there, to clear the decks. Defying any edict by him is career death. New hacks can be installed right to the top. So things formerly merely crazy-sounding in Trump’s “Truths” can now become reality in the twinkling of an eye. I think this is scarily pertinent to this gas price thing. And countless others. This whole game just got a big whiff of meth.
Is Fat Donnie a Communist?
A special blend of fascist and communist policies. He is doing it to prove that MAGA will swallow both, and he’s proven it ALREADY.
A National Socialist?
A fascist? Bah! It was already said!
A Gimmiest. Anything he can get his sticky little hands on.
Sorry, Donny, oil prices are starting to head back up because of your recent bombing of Iran. Can’t have it both ways. Sucks, I know!
Someone needs to be “gauging” Trump’s mental acuity again. Of course we can’t know if it’s dementia or the fact that he’s a stupid hillbilly for the confusion. Someone in the comments suggested it was a staffer that made the mistake, does that person have dementia or a stupid hillbilly? Birds of a feather flock together.
2-star Mishelin award for witty humor and calling out the obvious. Keep ’em coming Mish. Keep ’em coming!
Do worry, Trump, Walrus and the GOP will find a way to make things even worse.™
Trump already gouged his mental faculties with a melon baller
Beat me to it
As a hillbilly, I resent your comment. Trump is more properly a stupid silver spooner or nepo baby as they say these days. He never had to learn to do anything well, he was given money and just burned through it with his unsuccessful wheeling and dealing lifestyle.
Politico is lying again, claiming that gas prices are falling, when they are still higher vs. February (and not by a small amount, either.)
Around here you’ll see $3.50-$3.90. Why is Politico now running pro-Trump propaganda? Uniparty games?
Which got me thinking…
What did they do with mad kings in the olden days?
I mean short of beheading.
Just asking for a friend.
They marginalized them by essentially ignoring the orders and feeding them a steady supply of fake news about the kingdom telling them how great everything was. The king never left the palace anyway so he was none the wiser.
I’ve suggested repeatedly that the Dems could easily marginalize Trump by letting him finish his ballroom so he could host a few galas along with fixing the reflecting pool. That would easily occupy 2 years time.
This is basically price fixing gasoline: it is same the country did during the oil embargo about fifty years ago via a different mechanism. Yes, back then, the price was lower in currency, but consumers still paid the free market discovered price in other forms like wasting time in line to buy a rationed quantity of fuel. Price fixing does not work over time.
It isn’t price fixing to a MAGA if Trump is doing it, then it’s the Lord’s Work.
Given the continuing conflicts in the Middle East, it seems bizarre that WTI is suddenly trading 35% lower at $70ish/bbl. Prices at the pump reflect a 20% reduction of the war premium to $3.99 for regular at my local retailer.
The Day of the election regular was $2.65…
Regardless of the facts, a MAGA acquaintance was boasting about how Trump has gotten gas prices down. Can’t make this shit up, but I have to report it. The MAGA crowd is boasting about Trump lowering gas prices in the face of gas being up 50% since the election.
Meanwhile the west is on fire again and friends in Utah and Colorado are reporting fire threats to their homes and forests.
“Given the continuing conflicts in the Middle East, it seems bizarre that WTI is suddenly trading 35% lower at $70ish/bbl.”
I agree with you Frosty. Given the financial shenanigans Bessent has been conducting, would it surprise anyone if he is pressuring banks to short the oil markets, or if he is engaging in shorting it via Treasury itself?
Has anyone seen this happen in the past, or know more about how oil prices could be at $70 so quickly?
Maybe trumps manipulations of the oil market to benefit his buddies are keeping the average player out of the game. Who wants to lose money to a rigged game.
Try taking physical delivery in SE Asia for Brent front month price, good luck. This is after the initial price spike subsided, the premium for deliverable crude was much higher 3-6 weeks ago.
CRUDE OIL MARKET UPDATE – Southeast Asia
Brent (DTD)
• Brent crude price: ~USD 88.0–92.0/bbl (recent trading range) with continued softening as limited but increasing Hormuz transits support gradual supply recovery under the fragile ceasefire.
https://www.linkedin.com/posts/daniel-wijaya-18443133_weekly-market-snapshot-week-22-2026-crude-activity-7467030167820083200-9S-H
He’s getting very nervous about the election now…. The recent polls from maine, texas, etc. are a slap in his face and its going to get worse for him
Cant come fast enough, his ignorance and mismanagement are too expensive
Leave it to Mish to complain that Trump wants lower fuel prices..
But first, Mish wastes our time writing some stupid blurb about an obvious typo that whoever typed the post had made.As if Trump typed it out himself? So juvenile and pointless.
Mish has utterly trashed what legacy he had previously as a worthwhile scribe. Dismantled piece by piece over the last ten years.
Sad to watch.
its a big internet.
What’s sad to watch is the leveling down of what it means to be principled and decent American citizen. Mish is commenting as he always has, it’s people like you that accept and enable the trashing of America’s core principles, values, and decency. Wake up, the culture of this great country is being destroyed by ignorant, self centered, and greedy morons who haven’t experienced sacrifice in 3 generations.
T-shirt on facebook:
There are two types who vote for Trump:
Check your bank account to see which one you are.
Reality check:
Trump started the war that raised prices and is falling in his attempts to end it. Now for the Fourth of July he suddenly demands lower prices from squeezed retailers?
Trump is an economic illiterate at best.
A knave or a fool, but I would argue, a novel combination of both, on steroids and a bad batch of acid.
You can gauge a person’s intellectual honesty (or lack thereof) if they focus on what was said, instead of who said it.
If it was Joe Biden who had published something like that, you and your ilk would be screaming “Let’s go Brandon” from the top of your longs and accusing him of being a communist. So what is offensive to is not the president trying to impose price controls, since it is Ok when Trump says it. But that is the current state of American conservatism. That is why I left the country.
Sad to watch.
To be fair, Biden did try to blame retailers for high gas prices following the Ukraine War in 2022.
Thanks Feral! Yes, some in this country still have a serious concept of “fair” and “honest.” Others have abandoned it for my (Don’s) way (gauged from this last five minutes’ proclamations) or no way.
So why are you here? If Mish’s posts bother you so much why keep coming back for more?
I don’t want to speak for Mish but I assume the business model is:
The fact that you come here to read and post comments is a win for Mish, the content of your comment is honestly irrelevant, it’s visiting the site and commenting that is the win for Mish.
In essence, YOU are enabling Mish by coming here and posting. YOU are making Mish rich. YOU are empowering Mish. Thank you for doing so, now we can all read more Mish posts.
He comes because he likes being Mish’s Huckleberry
Yes, all clicks and comments are revenue these days, even hate-scrolling, etc. But I made a point sometime back to listen for the best arguments of everyone present, and give it all a hearing. I think this keeps me from being captured by a prevailing groupthink. The latter has a bad history.
lol! Put some soothing Invermectin on that butt burn.
I certainly hope Trump types his own posts – because if he hired someone to oversee and edit them who doesn’t know gouging from gauging that would mean he’s pretty bad at hiring. Of course, we already knew that from John Bolton, Mike Huckabee, Pete Hegsdeath and a myriad of others.
Well, sign on with Trump at your own risk. He has a way of condemning and devouring his former buddies. His model always requires an enemy to blame for failures, and anyone is disposable: loyalty is utterly a one-way street for him. So we could order up some Pulp Fiction style “gimp” costumes for Rubio, JD and so on.
The fact of the matter is team Trump allowed Trump to post something that has ZERO meaning. He literally demanded an end to gauging. You’ll make any excuse for Trump’s inabilities, won’t you? What would you hold him accountable for?
Here is sad Jeff, who says Mish’s posts are worthless, and yet he still trudges here to waste his time and his intelligence on trash. Why waste your time here?
RBOB CME $2.92
Gas Buddy Danville, Indiana $3.02 and up.
Gas Buddy Danville, Illinois $3.90 and up
This Truth Social post of his could not have sent a clearer message to the Iranians that they hold all the leverage while Trump holds none.
The Art of the Deal
When you get down into these heavy metro areas it’s so hard -and thus expensive to even get supplies of products into those markets it’s crazy. No one likes all that effort and cost, but local distribution is costly. The tanker trucks sit in that traffic too.
Cleaner gas: when I was a kid we drove to E LA. Immediately at the pool all my family had chest pains, turns out it was the pollution. All my trips to CA that does not happen anymore. People don’t realize how much better the air is even though many more miles are driven these days. Thank CARB gas (California Air Resources Board standards) for much better air
Pilots told me that in the ’70s,flying into California, you could see the Sam Fernando Valley as this bowl of yellow smog.
You could see it driving down I5
The catalytic converter was one of the most important inventions of the 20th century along with refrigeration and air conditioning.
I remember how awful everything smelt in the 70s when going into town (a smallish city of 35K) and when visiting a big city like Toronto it was even worse.
Pay a bit more for gas bit less for health.
I gladly pay my high Southern Cal gas taxes. There is massive traffic in this state, with the inevitable costs. I am paying for services that benefit me, and air quality too. It seems Trump can’t imagine that people like me exist, or that the states were given powers to address their own varying concerns and problems.
Natalie Harp.
I think shes more than $2.50 a gallon LOL
Israeli Defense Minister Israel Katz warned Monday that Israel could be at war with Iran as early as “tomorrow,” amid growing regional tensions.
Speaking during a briefing for military and diplomatic reporters, Katz said Israel is closely monitoring developments and fully prepared for rapid escalation.
Katz said the Israeli military is on high alert, with operational plans ready and potential targets already identified.
He added that he has instructed the military to prepare for a “blue and white” Israeli operation inside Iran, without further elaboration.
https://english.news.cn/20260630/23aac227380a40929b1623cd20705ef4/c.html
Iran has the files.
Trump is handing out free veto certificates to any Middle Eastern nation.
Sorry, meant to write “Israel”. Silly cat!
Rumor spreading that Trump now demands IRAN to just give up and accept the fact that IRAN has lost the War. IRAN is trying to quiet their chuckles before responding.
At least Trump is still spouting off things that are laughable if nothing else.
There is an interesting asymmetry in how fast prices rise after oil prices increase versus how slowly they fall after oil prices decrease. One of the most logical reasons for the slow fall in price is that the gas in the underground tanks at the stations was purchased when the price of oil was high. So the price of the gas needs to remain high to yield a profit to the station. There is a few week lag while new gas produced from the cheaper oil works its way through the system to the stations. OK, but this lag should work both ways, i.e. when oil prices first increase, gas prices should not rapidly increase because the gas in the underground tanks was produced from cheap oil. So gas stations do not actually gouge consumers when the price of oil is declining. But they do gouge consumers when the price of oil increases.
Congratulations! Your smarter than a President. I would stay away from high windows
*You’re
The more interesting assymwtry at play here is all the futures contracts that are purchased mere minutes before some Truth Social post or some other announcement re: the Iran War that immediately become profitable as the price of oil moves in response to whatever the news was. Totally NOT insider trading going on there. Just your garden variety free(ly manipulated) market C(R)APitalism where speculators like these take risk (🤣) and in so doing help the markets function more smoothly! 🙄
Gas retailers cannot buy hedges?
Now you can buy hedges on anything. Hot dog vendors outside MSG for Taylor Swift wedding mishaps. So, I guess, one can inside-trade on anything.
I said nothing about prop betting. I spoke of hedges, like commodity futures.
drat! I just filled up today!!
Price controls are one of signs before it all gives way to collapse. It’s interesting the $2.50 tag as the target price as that number coincides with the “250th birthday of America.”
But if he’s serious about the $2.50 past the 4th of July I can only assume this is Trump’s way of enforcing (or trying to enforce) price controls.
Trump may downplay Communism, but make no mistake controlling prices is found in both Communist ideology and the govts that implement it.
Is Trump a Communist at heart? It’s amazing how far people will go to deny reality.
Well, it’s stupid economics. Trump must think it is smart politics.
Smart politics when your supporters are stupid people. Trump has it nailed.
Poor Arthur has been hacked by someone who posts nothing like he normally does.
Sorry, pal, the fact that it might not fit your picture of me doesn’t mean that it isn’t me.
Price controls bring shortages.
Next up, bread lines.
I’m frustrated. How can this piece of shit not understand some of the most basic fundamentals of economics? And no, this isn’t 8D chess, this is low IQ pants shitting stupidity
Price controls stymies innovation, which in the end also creates a stagnant society. Add to this (as you pointed out) that price controls brings shortages (and I’ll extend it to) supplies, production, and services.
This is why price controls lead to economic and societal collapse (hence your comment of bread lines). At some point all Western govts will enact them to try to stave off the inevitable, but in doing so they will cause the impending collapse to happen faster.
So beware when govts start to enact price controls because the end wont be that far along.
By your reply, the Orangutan is smarter than you. He’s pandering to his cult cheering him on while they vilify the owners of gas stations, preserving his oil buddies from their angst. Divide and conquer. Not that the Pedophile in Chief ever studied The Prince, but Machiavellianism is second nature to arse holes.
Sounds like you’re both wanting to be Russian assets. 😀
But seriously, his motives are so short sighted he won’t make it out of office before the pitchforks and torches show up.
Indeed, and, if not the pitchforks and the torches, the guillotine. 😃
It must be amazing to have no respect for anything, no shame, no perception of constraints, radical self-overestimation, and a constant impulsion to push envelopes and crash boundaries to manifest that. And that is the pathetic and tragic fantasy his minions have of having such supposed smartness and power. I would like to view the world for about five minutes through his eyes, but not longer.
It’s called being a sociopath and a cult leader.
Looks like taco is practicing socialism. One cannot predict what this deranged mind will do on any given day.
JFK Jr was right. It’s the fluoride in the water. McCarthy was right about that too. Everyone is turning into the Red Menace
check your taps right away
Is the President economically ignorant, or is this a warning shot across the bow before El Jefe tries to get tough with Big Oil via the regulatory state??
I think it’s easier to understand that he’s ignorant.
I think it was mish that kept pushing some adage years ago about stupidity versus intentional cruelty, stupidity is the easier answer because it’s the most likely
You can be both
Your mention of the regulatory state just gave me a twinge of dread, because SCOTUS just gave him a huge axe, and a huge whip handle, over that. Coming soon to a blog near you.