Fuel prices in the US have hit a new record just ahead of Tuesday’s midterm elections. Not only has diesel surpassed its peak during Biden’s presidency, but gasoline now costs almost twice as much as Donald Trump promised it would during his 2024 election campaign.
A Financial Times analysis of federal data shows that the average price of a gallon of gasoline during Trump’s second term is above $3.46 (nearly $1 per liter), exceeding the average under Biden, though not the record peak reached in 2022. But that average is rising fast, with gasoline now costing $4.26 a gallon.
Meanwhile, diesel—which affects vehicle owners less directly (most vehicles in the US run on gasoline) but has a major impact on other prices—has risen by more than 70% since the start of Trump’s second term, and now averages $6.35 per gallon ($1.70 per liter).
The president’s unwanted record comes as fuel costs—which have risen since he launched his war with Iran in February—have become a major liability for Republicans ahead of this week’s vote.
During the 2024 election campaign, Trump won many votes by promising to bring gas prices down to $2 a gallon.
Higher prices at the pump have driven up inflation and become an electoral liability for the president, with the annual inflation rate reaching 3.6% in September, compared with 2.6% before Trump took office.
A poll also published by the FT on Monday shows that 56% of voters say they are financially worse off under Trump.
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