Average price of gasoline during Trump's term now exceeds Biden's, as midterms loom

What happened

Americans have paid more on average for gasoline and diesel during President Donald Trump's second term than under Joe Biden, according to AAA. Regular gasoline averaged $3.472 per gallon since Trump took office, just above Biden's $3.471 average.

Confirmed

Global impact / market context

Higher pump prices hit household budgets directly, leaving less cash for other spending and weighing on consumer-driven companies. With midterm elections looming, costly fuel becomes a political liability for Trump's Republican Party as it defends narrow majorities in both legislative chambers.

Analyst inference

The article points to global supply squeezes from a conflict now in its fifth year and another almost nine months old, forcing emergency oil releases in the US and Europe. Fighting around the Strait of Hormuz, a key oil route, has constrained crude and fuel supplies.

Analyst inference

What to watch

1. AAA data shows regular gasoline averaged $3.472 per gallon since Trump took office, slightly above Biden's $3.471 average, a narrow gap that could widen or narrow with fuel prices. Confirmed
2. The White House says gas prices will drop drastically once the Iran conflict ends, and that more oil now flows from the Persian Gulf than before the war began in February. Proposed
3. Watch Middle East oil export flows through Hormuz and Gulf of Oman, since reduced shipments would keep fuel costs elevated for companies and households ahead of the November 3 midterms. Analyst inference

Evidence

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