President Trump pledges lower gas prices amid rising fuel costs

President Donald Trump has told voters that gasoline prices will soon decline, citing past low prices in Iowa before recent geopolitical events. He said on Friday, "We'll be down to those levels soon."

Despite the pledge, the American Automobile Association reported the national average for regular gasoline at $4.36 per gallon on Sunday, up from $3.09 a year earlier. Diesel prices have also risen, reaching $6.28 per gallon earlier this month.

In an effort to increase supply, the administration suspended fuel export sanctions on Russia, a move that was followed by a Ukrainian strike on a Russian oil depot. Trump later posted on Truth Social that he was seeking an "ENERGY CEASEFIRE" between Russia and Ukraine. Ukrainian President Volodymyr Zelenskyy responded on X, noting the proposal was new to him and that a Russian drone had struck a power plant in Kyiv.

Oil market pressures continue amid incidents in the Strait of Hormuz, where an oil tanker hit a mine and caught fire, and in the Red Sea region, where Iran-backed Houthi rebels have targeted Saudi oil infrastructure and an airport in Riyadh, resulting in casualties.

Analysts note that these developments make a rapid decline in fuel prices before the November midterm elections unlikely.