Trump Faces Midterm Fuel Reckoning as Gas Prices Near Biden’s Average
Gasoline prices are nearing the average seen during the Biden administration, complicating Donald Trump's efforts to lower fuel costs before the midterms. While Trump claims prices will "drop like a rock" once the war with Iran ends, diesel prices remain high near $6.33 a gallon. Market indicators show diesel futures jumping despite a deal with Russia. Other factors contributing to high costs include ethanol mandates, though reports indicate that Ukrainian strikes on Russian oil refineries have not impacted United States gas prices.
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- ✓ Gas prices are nearing the average seen during the Biden administration.
- ✓ Donald Trump claims gasoline prices will "drop like a rock" when the Iran war ends.
What changed
Diesel prices have reached nearly $6.33 a gallon while futures continue to rise despite a Russia deal.
Live updates
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Gas Prices Approach Biden Average as Trump Struggles with Fuel Costs
Gasoline prices are nearing the average seen during the Biden administration, complicating Donald Trump's efforts to lower fuel costs before the midterms. While Trump claims prices will "drop like a rock" once the war with Iran ends, diesel prices remain high near $6.33 a gallon. Market indicators show diesel futures jumping despite a deal with Russia. Other factors contributing to high costs include ethanol mandates, though reports indicate that Ukrainian strikes on Russian oil refineries have not impacted United States gas prices.
Why it matters
Energy costs were a centerpiece of Donald Trump's 2024 presidential campaign. The current price trends create a political challenge as he attempts to deliver on promises of lower energy expenses.
What is confirmed
- Gas prices are nearing the average seen during the Biden administration.
- Donald Trump claims gasoline prices will "drop like a rock" when the Iran war ends.
Still unconfirmed
- Ukrainian strikes on Russian oil refineries are not impacting US gas prices.
What to watch next
- Outcome of the war with Iran
- Changes to ethanol mandates
- Movement in diesel futures prices
confidence 80%Sources used for this update (13)
- finance.yahoo.com — Yahoo Finance - Stock Market Live, Quotes, Business & Finance News
- Business Insider — Trump's quest to bring down gas prices ahead of the midterms is not going great
- NBC News — Diesel futures jump, signaling higher prices to come despite Trump’s Russia deal
- New York Post — Ukraine’s strikes on Russian oil refineries is not impacting US gas prices: report
- WSJ — Exclusive | Diesel Prices Hold High Despite Efforts to Boost Global Supplies
- Bloomberg.com — Trump Faces Midterm Fuel Reckoning as Gas Prices Near Biden’s Average
- RealClearPolicy — Ethanol Mandates Are Driving Up Fuel Prices
- Benzinga — Diesel Is Near $6.33 a Gallon, But Trump Says Iran Defeat Will Send Prices ‘Falling Like a Rock’ — More T
- The Motley Fool — President Donald Trump Claims Gasoline Prices Will "Drop Like a Rock" When the Iran War Ends, but He's Completely Missed the Bigger Picture
- The Telegraph — Crazy diesel prices are a misfortune of our own making
- www.arcamax.com — Trump faces midterm fuel reckoning as gas prices near Biden's average | Political News | ArcaMax Publishing
- pro.thestreet.com — Tech Bounces Back but Rising Yields Pressure Non-Tech
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