- Average US petrol prices under Donald Trump have edged above Joe Biden’s presidential average, while diesel prices have risen more sharply.
- Middle East conflicts and inflation have intensified fuel price concerns as Republicans prepare to defend their congressional majorities in the November 3 midterm elections.
Average US petrol and diesel prices during President Donald Trump’s second term have surpassed the averages recorded under former President Joe Biden. The increases come as Republicans prepare to defend narrow congressional majorities in the November 3 midterm elections.
According to the American Automobile Association (AAA), regular petrol has averaged $3.472 per gallon under Trump. That narrowly exceeds Biden’s $3.471 average per gallon.
Meanwhile, diesel prices have climbed further above their previous average. Diesel has averaged $4.343 per gallon under Trump, compared with $4.078 under Biden.
Middle East conflicts tighten oil supplies
Rising fuel prices reflect pressure on global oil markets. Russia’s war in Ukraine and the US-Israeli conflict with Iran have disrupted crude oil and fuel supplies.
In response, the United States and European countries have released emergency oil reserves. The conflict involving Iran has also disrupted energy flows across the Middle East.
In particular, the Strait of Hormuz remains central to global energy security. Before the conflict began in February, the waterway carried around one-fifth of global oil and gas supplies.
However, regional exports have recently recovered. Kpler reported that Middle East oil exports reached 24.6 million barrels per day in the week ending October 18.
The figure includes shipments through the Strait of Hormuz, Gulf of Oman and Red Sea. It marked the highest level since the conflict began in late February, exceeding pre-war levels.
White House spokeswoman Taylor Rogers said fuel prices would fall sharply once the conflict ended. She also credited US military operations with increasing oil flows from the Persian Gulf.
Inflation complicates fuel price comparisons
Nevertheless, analysts caution that nominal prices alone cannot show how fuel costs affect household budgets. Inflation reduces the dollar’s purchasing power over time.
Patrick De Haan, GasBuddy’s head of petroleum analysis, said inflation-adjusted comparisons provide better context. He argued that Americans were not spending a record share of their income on fuel.
Meanwhile, consumer inflation expectations have continued to rise. A recent survey placed expected inflation over the next year at 4.7 per cent, up from 4.6 per cent in September.
Expectations had stood at 3.4 per cent in February, before the US-Israeli conflict with Iran began.
Diesel prices add pressure across the economy
Diesel prices have also surpassed their average under Biden. AAA data put the average at $4.343 per gallon under Trump, compared with $4.078 under Biden.
This increase matters because diesel powers major parts of the economy. Agriculture, heavy industry and shipping all depend heavily on the fuel.
Furthermore, US diesel prices reached a record $6.523 per gallon on September 22, according to the cited figures.
Fuel costs weigh on Trump ahead of midterms
Against this backdrop, rising fuel prices have become a political concern ahead of the midterm elections. Republicans are seeking to retain control of both congressional chambers.
A Reuters/Ipsos poll published on October 19 found that Trump’s approval rating had fallen to 31 per cent. That marked the lowest level recorded during either of his presidential terms.
The survey also found that only 23 per cent of adults approved of Trump’s handling of the economy. These findings reflect public concerns about economic conditions, including fuel costs.
However, average pump prices alone cannot establish the full burden on American households. Inflation, wage growth and fuel consumption also influence what motorists ultimately pay.