President Donald Trump dismissed concerns over a recent spike in gasoline prices, even as U.S. crude oil futures climbed to $87.40 per barrel, marking a 4.2% increase over the past seven days. The energy market showed elevated volatility, with the CBOE Volatility Index (^VIX) rising to 21.8, signaling heightened investor unease.
- CL=F crude oil futures rose 4.2% to $87.40 per barrel in one week
- National average gasoline price hit $3.86 per gallon on March 6, 2026
- ^VIX climbed to 21.8, indicating heightened market volatility
- No new energy policy or intervention announced by the administration
- ExxonMobil (XOM) and Chevron (CVX) stock gains of 1.3% and 1.1% respectively
- Political rhetoric on energy costs remains unchanged amid inflationary pressures
President Donald Trump expressed no alarm over a recent uptick in gasoline prices, despite data showing a consistent climb in crude oil benchmarks. Over the past week, the front-month West Texas Intermediate (WTI) crude contract, tracked by CL=F, surged to $87.40 per barrel, up from $83.85 a week earlier. This 4.2% jump reflects growing market sensitivity to geopolitical tensions in the Middle East and OPEC+ supply management dynamics. The consumer fuel market has mirrored this trend, with the national average for regular gasoline reaching $3.86 per gallon as of March 6, 2026 — a 12-cent increase from the previous month. Despite these figures, the president reiterated that energy prices are not a priority for his administration, emphasizing the stability of domestic production and infrastructure. Market indicators suggest deeper underlying concerns. The CBOE Volatility Index (^VIX) rose to 21.8, its highest level since December 2025, indicating increased risk perception among investors. Energy sector stocks, particularly integrated majors like ExxonMobil (XOM) and Chevron (CVX), saw modest gains of 1.3% and 1.1%, respectively, as traders weighed supply resilience against inflationary pressures. While no new policy announcements were made, the administration's lack of response to rising energy costs could influence public sentiment ahead of the 2026 midterm elections. Analysts note that persistent gasoline price increases may erode economic confidence, especially in key swing states with high reliance on personal vehicle use.