How will Trump's oil plan affect gas prices? - WBRC FOX6 News - Birmingham, AL

How will Trump's oil plan affect gas prices?

(Source: WBRC Video) (Source: WBRC Video)
BIRMINGHAM, AL (WBRC) -

President Donald Trump says he wants to sell off millions of barrels of oil hoping to lower gas prices and trim the national debt.

"The feeling from the administration is if we flood the market with oil, then that will be a quick way to decrease prices," says UAB Director of the Regions Institute for Financial Education Dr. Stephanie Yates.

Dr. Yates says that could work, but it's not a long-term solution.

If it does work, we might not see any changes here in Alabama. That's because the national average for regular gas is $2.89 a gallon. Prices in Alabama are already low, 33 cents cheaper at $2.56. If there is a dip in prices, it might not be low enough to affect drivers.

"But also you have to think about other users of crude oil like airlines, transportation firms, truckers, and those parts of our economy," says Yates.

And at $80 a barrel, and up to 30 million barrels sold, it could have a significant impact on the national debt.

But some drivers are skeptical that the solution to lower gas prices is that simple.

"If the solution was that simple, then we would have done something like that earlier, you know? So there might be ramifications that I don't know about, or that the president isn't talking about. But if it was as simple a solution as that, then I feel like we would have done it earlier," says Sophia Higgs.

Some experts have taken to social media saying this is a political ploy with midterms just around the corner.

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