The average gasoline price in the United States during Donald Trump's presidency reached $3.472 per gallon, which is higher than the average of $3.471 during Joe Biden's term. This historical change is particularly politically significant ahead of the midterm elections on November 3.
Increase in Gasoline Prices and Its Reasons
According to data from the AAA Institute, the price of regular gasoline has averaged $3.472 since Trump's return to the White House in January 2025. Meanwhile, the average gasoline price on Monday, October 26, was reported at $4.29 per gallon. This figure shows a significant increase from $3.05 last year, and this increase is mainly due to the U.S. and Israel's war with Iran, which began in February and has had serious impacts on global crude oil transportation, refining operations, and fuel exports from the Middle East.
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Predictions and Challenges
Given these circumstances, gasoline prices have increased by nearly 43 percent since the onset of the conflicts. While the United States is recognized as the world's largest oil producer, fuel prices in global markets have come under pressure. Additionally, diesel prices have also significantly increased, averaging $6.35 per gallon after reaching a historical high of $6.53 in September.
Patrick De Haan, head of oil analysis at GasBuddy, announced in the market update on October 26 that the average gasoline price was $4.24 per gallon, which is a decrease of 22 cents from the previous month, but $1.24 higher than a year ago. He predicts that gasoline prices will remain above $4 and diesel prices above $6 until election day, despite government efforts to lower prices.
Despite the decrease in prices from the September peak, uncertainty regarding the Strait of Hormuz and limited global refining capacity have kept fuel markets under pressure. The Trump administration has taken steps to alleviate the crisis, including efforts to increase domestic refining capacity and secure additional diesel supplies. However, industry officials have warned that restarting inactive refineries or increasing processing capacity cannot quickly lead to a reduction in pressures.
These changes in gasoline prices have created new challenges for the White House, especially as Americans prepare to vote and high fuel costs continue to impact household budgets and overall inflation concerns.
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