Slashing the Gas Tax Will Save Drivers 18 Cents Per Gallon, Agen Says
Speakers
Jarrod Agen
— Executive Director of the National Energy Dominance Council
Summary
Jarrod Agen discusses White House efforts to lower gasoline prices through increased oil and gas production and policy tools. He highlights a record lease sale and expects prices to drop once the Strait of Hormuz reopens. The host questions the economic logic of a gas tax holiday.
- Agen says Strait of Hormuz reopening will quickly lower gas prices.
- Record $4 billion oil and gas lease sale in New Mexico/Texas.
- Administration using gas tax holiday, SPR releases, Jones Act waivers.
- US oil production at record levels.
- New oil projects in Alaska and Venezuela.
- Host pushes back on gas tax holiday's demand-side effects.
Trade Ideas
Oil prices will fall on supply surge.
The reopening of the Strait of Hormuz, combined with increased US oil and gas production from record lease sales, deregulation, and new projects in Alaska and Venezuela, will lead to a rapid decline in gasoline and oil prices. The White House is using all available tools including a gas tax holiday, SPR releases, Jones Act waivers, and the Defense Production Act to drive down prices. Once the Strait opens, prices will drop quickly.
Up Next
This Bloomberg Markets video, published May 21, 2026, features Jarrod Agen discussing UGA. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Jarrod Agen · Tickers: UGA