The average price of regular gasoline in America during Donald Trump’s presidency has reached $3.472 per gallon. This figure is slightly higher than the average price of $3.471 during Joe Biden’s presidency. As the midterm elections in November approach, rising fuel prices have become a significant challenge for Trump.
Impact of wars on the fuel market
The military conflicts between Russia and Ukraine, now entering their fifth year, and the U.S. and Israeli regime's war against Iran, which is about nine months in, have put additional pressure on global crude oil and fuel supply. These wars have forced the U.S. and European countries to draw from strategic reserves.
The U.S. and Israeli regime's war against Iran poses a threat to the passage of ships through the Strait of Hormuz. Before the onset of this war in February, the Strait of Hormuz was responsible for about one-fifth of the global oil and gas supply, and it is now facing disruptions. Taylor Rogers, a White House spokesperson, has predicted that gas prices will significantly decrease once these conflicts end.
Impact of inflation on prices
Analysts consider minor price fluctuations misleading and point to rising inflation rates. Recent surveys indicate that consumers expect the inflation rate to rise from 4.6% in September to 4.7% next year. Additionally, forecasts for year-on-year inflation have significantly changed from 3.4% in February.
According to a joint Reuters and Ipsos survey published on October 19, Americans' concerns about high gas prices have caused Trump’s popularity to drop to its lowest point during his presidency. This four-day survey shows that only 31% of Americans are satisfied with Trump’s performance, a decrease of one percent from two weeks ago.
The average price of diesel per gallon has also decreased from $4.78 during Biden’s presidency to $4.343 during Trump’s presidency. Diesel prices reached $6.523 per gallon on September 22, marking an unprecedented record. Diesel plays a vital role in the global economy, from agriculture and heavy industries to maritime transport.
Read more: Severe energy price fluctuations and their impact on US inflation
