U.S. gas prices hit a record high on Wednesday, with the average cost per gallon of gasoline remaining well over $4 for the 158th day in a row, breaking the record set in 2022 under the Biden administration. The new record comes less than three weeks before the midterm elections, when tight races in several key battleground states will determine control of Congress. The economy remains a top concern for voters, with inflation and gasoline prices continuing to weigh on household budgets.
As of Tuesday morning, the national average gas price was $4.34 per gallon, according to AAA, up from $2.98 per gallon just before the U.S. and Israel launched joint strikes on Iran in late February. That means gas prices have risen more than 46 percent since the start of the war, for an additional $73.5 billion, according to researchers at Brown University's Watson School of International and Public Affairs. That amounts to an additional $561.20 per U.S. household.
The surge in costs is bad news for President Donald Trump and the Republicans hoping to maintain control of the House and Senate, as Trump made lower gasoline and energy prices a key point in his 2024 presidential campaign. Last October, the White House touted Trump's leadership as "bringing relief at the gas pump." At the time, the average price of a gallon of gas in the U.S. was a little over $3. Shortly after the White House announcement, Trump said gas prices would soon drop below $2 per gallon.
Five months later, the average price of a gallon of gas was nearly $4. The prices have risen even further since. "The President wants to see prices at the pump fall and continues to take historic measures to alleviate temporary disruptions as oil flowing through the Strait of Hormuz approaches pre-conflict levels.
President Trump had the courage to do what his predecessors didn’t to ensure the Iranian terrorist regime will never have a nuclear weapon." Escalating tensions in the Middle East have driven the recent surge in gas prices, fueling concerns about global oil supplies and pushing crude prices higher. Because crude oil is the largest component of gasoline costs, increases in oil prices typically translate into higher prices at the pump. While some lawmakers have moved to temporarily suspend gas taxes to ease the burden on consumers, the national average price of gasoline has continued to climb.
Diesel prices have also surged, hitting farmers, truckers, and the shipping industry particularly hard. The average price for a gallon of diesel on Tuesday was $6.27. "Absolutely stunning price spikes in wholesale diesel today; Up 18cts/gal Gulf Coast and East Coast; but up 28cts/gal in Southern California and 25-30cts/gal in Great Plains and Great Lakes.
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