U.S. Gasoline Prices Surpass Biden Administration Levels in Trump's Second Term... Iran War Fallout

Average gasoline prices during U.S. President Donald Trump’s second term have surpassed the average during former President Joe Biden’s administration. With international oil prices continuing to rise amid the war with Iran, this is adding pressure on The Trump Administration ahead of next month’s midterm elections.

AP-Yonhap News

According to figures compiled by the American Automobile Association (AAA) as of Oct. 26 (local time), the average price of regular gasoline since Trump took office on Jan. 20 last year was $3.472 per gallon (about 3.78 liters), narrowly above the average of $3.471 during the Biden Administration.

The average gasoline price during Trump’s first term was $2.47 per gallon. Diesel prices have also averaged $4.343 per gallon during Trump’s second term, exceeding the $4.078 average during the Biden Administration.

During the 2024 presidential campaign, Trump criticized the Biden Administration’s clean energy policies, saying they had caused high oil prices, and pledged to expand domestic energy production. After the start of his second term, gasoline prices did fall to the high-$1 range per gallon at one point.

However, oil prices surged after the war with Iran began early this year and crude shipments through the Strait of Hormuz were disrupted. Diesel prices also rose sharply, compounded by Ukrainian attacks on Russian energy facilities.

Crude shipments through the Strait of Hormuz have now recovered to prewar levels, but oil prices remain high. CNN reported that shipping costs had soared as vessels used costly alternative routes to transport crude.

Indeed, tanker charter rates, which were about $65,000 a day last year, surged to $1.6 million a day early this month. Damage to refineries in the Middle East and Russia from the war has also disrupted supplies of gasoline, diesel and jet fuel, driving prices higher.

The Trump Administration is pursuing various measures to stabilize oil prices, including releasing oil from the Strategic Petroleum Reserve, allowing imports of Russian diesel and providing $8 billion in energy assistance to farmers. It has also moved to expand refinery investment and ease restrictions on the use of tax-exempt dyed diesel, but the measures have had limited effect.

Patrick De Haan, an analyst at U.S. fuel price tracking company GasBuddy, told CNN that the government’s efforts to lower fuel prices have produced few results. He forecast that gasoline and diesel prices would remain high unless a diplomatic solution is reached.

CNN said Trump, who once blamed the Biden Administration’s energy policies for high oil prices, is now facing political pressure over the war with Iran that he started.

This content was produced with the assistance of AI translation services.