The average price Americans pay for gasoline under President Donald Trump has overtaken the Biden administration average, highlighting political pressure on Republicans ahead of the midterm elections. Trump pledged to lower gasoline prices to below $2 a gallon, but the retail cost has averaged $3.472 a gallon, surpassing Biden's $3.471 by less than a cent, according to AAA data. Prices surged this year after the US and Israel's war in Iran, crippling oil flows and squeezing global refining capacity.
Over eight months, US pump prices rose 43%, while diesel surged nearly 70%, hitting record highs. The issue is a flashpoint for Trump's Republicans, as inflation-weary voters face elevated energy costs. Americans have never paid this much for fuel this late in the year, with a national average of $4.286 a gallon as of Sunday, AAA reported.
Biden still holds the single-highest nationwide gasoline price of $5.02 a gallon in June 2022, after Russia's invasion of Ukraine. Experts say the global market is missing around 400,000 barrels a day of gasoline that would normally be exported from the Middle East. Trump's diesel deal with Russia and war-time powers to boost fuel production are seen as limited in impact ahead of November's elections.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing