Trump Administration Expected to Set Record High Average Gas Prices Ahead of Midterms

Average gasoline prices under U.S. President Donald Trump's administration are projected to hit a record high among past U.S. administrations on November 2, local time, just one day before the midterm elections.

With soaring inflation emerging as a core issue in this election, analysts suggest that this spike in oil prices could deal a critical blow to voter sentiment surrounding the Trump administration and the ruling Republican Party.

Analyzing U.S. federal data, the Financial Times (FT) reported that as of November 2, average gasoline prices under President Trump are set to surpass the previous record of $3.46 per gallon recorded during the preceding Joe Biden administration.

The media outlet pointed out that the decisive cause of the soaring oil prices is the war with Iran initiated by President Trump in February of this year.

This is because Iran blockaded the Strait of Hormuz, a major crude oil shipping lane, and major energy infrastructure in the Middle East was largely destroyed during the conflict, causing severe disruptions to global oil supplies.

The analysis adds that Ukraine's strikes on Russian oil refineries further fueled the rise in international oil prices.

During his 2024 presidential campaign, President Trump won the support of many voters by pledging to lower gasoline prices to $2 per gallon and resolve the severe inflation that plagued Americans during the Biden administration.

However, since Trump's return to power, gasoline prices have surged by more than a third, reaching $4.17 per gallon as of November 1.

Diesel prices, which are used as a core fuel across U.S. agriculture and industry, skyrocketed by more than 70% to reach $6.30 per gallon as of November 1.

The average diesel price under the second Trump administration ($4.339) also surpassed the level seen during the Biden administration ($4.076).

This rise in oil prices is fueling inflation.

The U.S. Personal Consumption Expenditures (PCE) price index for September rose 3.6% compared to the same month last year, marking a sharp increase from before the launch of the second Trump administration (2.6%).

Citing a recent FT poll in which about 56% of respondents answered that they have become poorer since President Trump took office again in January of last year, the outlet noted that "warning lights are flashing for the Republican Party's election front."

The media outlet pointed out that although President Trump took drastic measures such as agreeing with Russian President Vladimir Putin to import Russian diesel, the short-term impact is expected to be minimal because initial import volumes are small and restoring supply chains takes time.

Jason Bordoff, founding director of Columbia University's Center on Global Energy Policy, stated, "High energy prices are a core driver of the cost-of-living burdens that voters will care about most at the ballot box," adding that "it is a self-inflicted wound by the current administration."

(Photo: Getty Images)
※ Please note: This article was translated by AI and may contain errors.