The Fox News Rundown Business Rundown: Could $2 Gas Return Sooner Than You Think?
Mar 13, 2026
Steve Moore, former senior economic adviser to President Trump and co-founder of Unleash Prosperity Now, offers sharp analysis on oil, gas and inflation. He explains how oil shocks drive the consumer price index. He connects Middle East tensions, U.S. production surges and shipping bottlenecks to price swings. He outlines why gasoline could return to around $2 if global supply and demand normalize.
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Global Oil Shocks Drive Broader Inflation
- Global oil shocks raise consumer prices across the board, pushing up the Consumer Price Index for homes, groceries, and health care.
- Steve Moore links recent Iran disruptions and past crises to higher inflation and stresses controlling energy costs to lower overall CPI.
Boost Domestic Production To Stabilize Prices
- Increase domestic oil production to reduce reliance on unstable Middle East supplies and blunt price spikes.
- Steve Moore endorses the Trump energy strategy of maximizing U.S. drilling to stabilize prices and lower consumer costs.
U.S. Now Dominates Global Oil Supply
- The U.S. reached record oil and liquid fuels output in 2025, exceeding Russia and Saudi Arabia combined.
- Moore argues this abundance means global oil markets should return to lower prices once Iran tensions ease.