The average price of regular gasoline in the US reached $4.32 per gallon last Monday, according to the latest weekly data from the Energy Information Administration (EIA). The price has risen by nearly 25 cents in just two weeks. US gas prices have jumped sharply ahead of the midterm elections.
The US Strategic Petroleum Reserve is also in a weaker position. That leaves the administration with less emergency oil stock available to respond to another major supply disruption. Diesel prices are creating another problem for the US economy. Diesel prices have also reached record levels. Expensive diesel can affect more than just drivers. Diesel is widely used by trucks and other commercial vehicles.
The $4.32 price is unusually high for this point in an election year. EIA data going back to 1990 shows that US gas prices are higher at this stage of the election cycle than in any recent election year, according to Yahoo Finance’s analysis. There are only 49 days left before the midterm election. In 2012, then-private citizen Donald Trump posted on social media about high gasoline prices and blamed Obama. The American Automobile Association (AAA) said the average diesel price hit nearly $6.27 per gallon last Tuesday, another all-time high.
Because he is president while prices are rising, the issue has now become more politically difficult for Trump. Higher diesel costs can therefore increase transportation expenses and put pressure on the prices of goods moving across the country.
Energy analyst Andrew Lipow said higher gasoline and diesel prices could be felt across a wide range of consumer goods.
Trump himself previously attacked high gas prices when Barack Obama was president. The Strategic Petroleum Reserve (SPR) is at historically low levels after months of withdrawals.
During his 2024 campaign, Trump repeatedly criticized the Biden administration over energy prices and promised to reduce costs for Americans . Because uS refiners switch from the more expensive summer-grade gasoline to a cheaper winter-grade formulation, gasoline prices usually decline in the fall. Normally, gas prices would be expected to fall around this time of year. That makes gasoline a particularly difficult issue for Trump ahead of the midterms.
Andrew Lipow, president of Lipow Oil Associates, said this seasonal change normally gives consumers some relief. At a campaign event almost exactly two years ago, he said, “We’re going to bring your energy prices down.”
