Americans have paid more for gasoline and diesel at the pump on average during Donald Trump's second term than they did under President Joe Biden, according to data from AAA.
The price of a gallon of regular gasoline has averaged $3.472 since Trump took office nearly two years ago, slightly surpassing the $3.471-per-gallon average recorded during Biden's term. This development comes as surging fuel prices present a challenge for Trump, particularly with midterm elections approaching and the Republican Party seeking to defend its narrow majorities in Congress.
Gasoline prices are not the only fuel experiencing higher averages under Trump. Diesel fuel, which powers sectors like agriculture, heavy industry, and shipping, has also seen a higher average price during Trump's term at $4.343 a gallon, compared to $4.078 a gallon under Biden. The national average for U.S. diesel reached a record high of $6.523 a gallon on September 22.
Global factors, including Russia's ongoing war in Ukraine and the conflict between the U.S. and Iran in the Middle East, have significantly impacted crude oil and fuel supplies. These international events have led to emergency oil releases in the U.S. and Europe. The conflict in Iran has particularly affected the Strait of Hormuz, a critical chokepoint for global energy transport.
Analysts suggest that nominal price comparisons can be misleading due to persistent inflation. Consumer inflation expectations for the next year have risen to 4.7%, up from 4.6% in September. Twelve-month inflation expectations have climbed from 3.4% in February, before the conflict in the Middle East began.
Patrick De Haan, head of petroleum analysis at GasBuddy, noted that when adjusted for inflation, Americans are not currently paying a record portion of their income on fuel. However, Trump's approval rating has seen a decline, with a Reuters/Ipsos poll from October 19 indicating a record low for his presidency. Approximately 31% of Americans approve of his performance in office, and only 23% approve of his handling of the economy.