U.S. fuel prices top Biden-era averages during Trump term as midterms near

U.S. fuel prices top Biden-era averages during Trump term as midterms near
Fuel prices stir election heat

Rising pump costs are adding to political pressure ahead of the November 3 midterm elections in the U.S. Average gasoline and diesel prices during President Donald Trump's second term now exceed the national averages recorded under Joe Biden, highlighting persistent strain on households and freight-dependent sectors.

Highlights

  • AAA reports national average gasoline price at $3.472 per gallon under Trump, slightly above Biden's $3.471 average.
  • Diesel prices average $4.343 per gallon in the Trump term versus $4.078 during Biden's, hitting a $6.523 record high on September 22 due to global supply disruptions.
  • Trump's approval rating drops to a term-low 31% in the October 19 Reuters/Ipsos poll as Americans cite fuel costs before November 3 midterms.

AAA data shows higher pump costs

As reported by Reuters, citing AAA, the national average price for a gallon of regular gasoline has been $3.472 since Trump took office nearly two years ago, just above the $3.471 average recorded during Biden's term.

Diesel prices also run higher under Trump, averaging $4.343 a gallon compared with $4.078 under Biden. Diesel, a key fuel for agriculture, heavy industry and shipping, hit a U.S. record of $6.523 a gallon on September 22 as wars in Ukraine and Iran disrupt global fuel supplies.

Midterm pressure builds on energy costs

Higher fuel prices remain a major political challenge for Trump as Republicans seek to defend narrow majorities in both chambers of the legislature in the November 3 elections.

Trump's approval rating falls to a record low this month as Americans worry about gasoline prices, according to a Reuters/Ipsos poll published on October 19. The four-day survey shows 31% of Americans approve of his performance in office, down one percentage point from two weeks earlier and the lowest level across either of his presidential terms, while 23% approve of his handling of the economy.

Our earlier report on Republicans’ late-campaign advertising surge ahead of the November midterms described how the party sharply increased ad spending as polling tightened, even in races once considered safe. It also noted that elevated gasoline and diesel prices—and broader affordability concerns—were becoming a central voter issue, adding to political pressure in key Senate and House contests.

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