At one point in President Trump’s first term, gas prices fell below two dollars a gallon. Under Biden, at their highest, they were above five dollars a gallon. Now Trump 2.0 promises to slash energy costs again. How does he plan to make that happen? Scott Thuman reports.

The following is a transcript of a report from “Full Measure with Sharyl Attkisson.”
Watch the video by clicking the link at the end of the page.

Americans filling up their gas tanks have been whiplashed by eye-popping gas prices, hitting record highs nearly three years ago under president Biden.

Turning on the lights also became wildly more expensive in the past four years with electricity prices up nearly 30%.

In the presidential campaign, Donald Trump insisted he can turn it all around.

President Trump: I will end the devastating inflation crisis immediately, bring down interest rates and lower the cost of energy. We will drill, baby, drill.

But as he prepares to take office again, how many of those promises will become reality?

We sat down with Amanda Eversole, executive vice president of the American Petroleum Institute, representing oil and gas companies.

Amanda Eversole: When I look at the results of the 2024 election, in many ways I think energy was on the ballot. The American people want to have a choice of their energy, but they also want affordable and reliable energy, and so when I think about the election, I think the American people have spoken.

Gas prices have fluctuated wildly over the past eight years to due covid, inflation, and various policies, topping a record $5 under Biden in 2022. Trump aims to get it back below $2 a gallon, where it was briefly in 2020.

Scott: Is there a true belief that oil and gas producers will be increasing production due to President Trump returning?

Eversole: These are long lived investments that are very capital intensive, meaning it takes a lot of money and a long time to see them come to bear. And so if the Trump administration looks to have a more favorable view towards American oil and gas, then American oil and gas producers are ready to step up and are ready to deliver for the American people.

Oil and gas producers delivered during Trump’s first term.

The US became energy independent, exporting more oil and petroleum products than it bought from other countries. A trend that has continued under Biden.

But Trump says he plans to supercharge energy production in his second term.

Trump: And remember, we have more liquid gold under our feet than any other country by far. We are a nation that has the opportunity to make an absolute fortune with its energy. We have it and China doesn’t.

But a big focus under Biden has been supporting wind energy, solar, electric vehicles, and other so-called green energy initiatives.

Frank Macchiarola is chief policy officer at American Clean Power, representing more than 800 green power businesses.

Scott: A big part of Donald Trump’s winning pitch to voters was drill, baby drill. Does the renewable industry see that as, boy, we’re really going to suffer under President Trump?

Frank Macchiarola: No, I think if you actually go back and look at the campaign, I think first off people need to recognize that politicians campaign in poetry, but they govern in prose. And so if you step back and look at the full energy picture, we are not in conflict with other resources, we are complimentary to other resources.

In fact, with billions of taxpayer dollars now invested in new green projects like charging stations for electric vehicles, experts say Trump isn’t likely to try to erase them. Instead, he has said he’ll go after strict rules that attempt to force more Americans to switch to electric vehicles.

Eversole: I think it’s very clear that the American people reject the concept of heavy-handed mandates. And if that suggests that Americans have to be told what kind of car or truck they have to drive, the last election to me says the American people don’t want that. So yes, we think that the Trump administration as soon as possible should roll back any sort of EV mandates and particularly the EPAs tailpipe regulations.

All told, whether we’re shelling out money to top off the tank in the family car or heat our homes in winter, energy costs eat up as much as 15% of household budgets.

After an election that keyed in on the economy and energy, Americans will likely be watching to see Trump keeps his campaign promises to save them money.

For Full Measure, I’m Scott Thuman in Washington.

Watch video here.