Trump Touts 'Thousand-Year' Gasoline Supply, Says China Lacks It, as Adam Schiff Questions $13 Billion Venezuelan Oil Claim

As the U.S. and Iran pause hostilities after weeks of continuous strikes, oil prices in the global markets fell sharply.

However, gas prices could remain elevated at the pump despite the decline in crude oil prices.

Refining Remains ‘Limiting Factor’ On Monday, GasBuddy analyst Patrick De Haan posted on the social media platform X, saying that while oil prices fell in the global markets, “don’t expect much gas price relief.” He then said gasoline futures were down 2 cents/gallon.

Read Also: Iran, Oman Reportedly Work Out Hormuz Deal as Trump Sees 'Very Friendly Negotiations' On Ending the War: 'Good Chance…Something Could Happen' “If it fell similar to that of oil, it’d be down over 25c/gal,” De Haan said.

The analyst then said refining capacity remained a “major limiting factor holding up more relief” for gas prices. while Brent crude is plummeting 9% and WTI off nearly 8%, don't expect much gas price relief: RBOB (gasoline) is down just 2%, or 8c/gal. if it fell similar to that of oil, it'd be down over 25c/gal, but refining remains a major limiting factor holding up more relief — Patrick De Haan (@GasBuddyGuy) July 27, 2026 Oil prices fell sharply across the board, with Brent crude falling 3.75% to around $85.05/bbl at the time of writing this article and the West Texas Intermediate (WTI) crude also fell 3.15% to $80.01/bbl during press time.

Oil ETF United States Oil Fund (NYSE: USO ) fell 1.67% to $122.65 during pre-market trading on Tuesday.

Read Also: EXCLUSIVE: US-Iran De-Escalation Is the Only Way to Lower Gas Prices, Analyst Says Gas prices recorded a marginal decline on Tuesday.

Data from the American Automobile Association (AAA) showed the national average still hovered above $4 at $4.0990/gallon.

California had the highest average price at $5.6470/gallon, while Indiana residents continued to pay the lowest prices at $3.4740/gallon on average.

Trump Touts Thousand-Year Supply Addressing a crowd at General Motors Co.’s (NYSE: GM ) facility in Milford, Michigan, President Donald Trump said that the U.S. had a “thousand-year supply of gasoline,” which China did not, he added.

Trump also touted oil from Venezuela. “When you add Venezuela to it, we really have more oil,” he said.

BREAKING: "We have a thousand-year supply of gasoline.

China doesn't." President Trump brags about the vast energy resources that the U.S. has, arguing America's oil reserves give it a major advantage over countries like China. "We have more oil.

Now, when you add Venezuela to… pic.twitter.com/2duBGMPJLs — Fox News (@FoxNews) July 27, 2026 Adam Schiff Questions Venezuela Oil Revenue Sen.

Adam Schiff (D-CA) questioned Trump’s Venezuelan oil comments.

User @Acyn on the social media platform X shared a video of Trump saying that the U.S. had reported $13 billion in revenue from Venezuelan oil, without giving any additional details.

Trump and his cronies said that they're controlling the revenue made from Venezuela's oil.

If the US has made $13 billion in revenue, why can't Trump tell us where that money's going? — Senator Adam Schiff (@SenAdamSchiff) July 28, 2026 On Monday, Schiff quoted the post, saying that “Trump and his cronies” were in control of the revenue from Venezuela’s oil. “If the US has made $13 billion in revenue, why can’t Trump tell us where that money’s going?” Schiff asked.

The White House did not immediately respond to ‘s request for comment about Venezuelan oil revenue or Gasoline supply.

Gavin Newsom Decries High Costs Gov.

Gavin Newsom (D-CA) also slammed the Trump administration for high fuel prices. “Thanks to Trump’s war without a plan in Iran, Americans are still paying an extra $1 per gallon above what they were prior to the war!” Newsom’s official Press Office handle posted on X on Monday.

Thanks to Trump’s war without a plan in Iran, Americans are still paying an extra $1 per gallon above what they were prior to the war! That’s $75 billion more you’ve been paying Big Oil thanks to Trump.

END TRUMP’s IRAN WAR GAS TAX! — Governor Newsom Press Office (@GovPressOffice) July 27, 2026 It added that the costs accumulated to over $75 billion in excess costs consumers were paying to “Big Oil” due to the war. “END TRUMP’s IRAN WAR GAS TAX!” The Press Office said in its post.

Read Also: Pete Hegseth Has ‘Lost My Confidence,’ Thom Tillis Says as Republicans Warn Pentagon Leadership Is Failing to Deliver an Iran Endgame Check out more of Future Of Mobility coverage by following this link.

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