No U.S. state had gas prices at $1.98 per gallon in recent months. The lowest state averages were in Mississippi and Tennessee, but even those were around $2.69 to $2.70 per gallon, according to AAA data and multiple fact-checks
. The $1.98 figure cited by former President Trump refers to the wholesale price of gasoline, specifically the RBOB (Reformulated Gasoline Blendstock for Oxygen Blending) futures contract traded on the New York Mercantile Exchange. This wholesale price briefly touched $1.98 per gallon in April 2025 but does not reflect retail prices at gas stations. Retail prices include additional costs such as blending ethanol, transportation, taxes, and business expenses, which typically add over a dollar to the wholesale price
. While some individual gas stations may occasionally offer prices near $1.99 per gallon due to loyalty discounts or local promotions, no widespread state average or consistent retail price at $1.98 has been documented
. In summary, $1.98 per gallon gas is a wholesale price figure, not a retail price available to consumers at the pump anywhere in the U.S. as of spring 2025. Retail prices remain significantly higher nationwide.
