Trump faces record fuel prices ahead of election despite promises to cut costs
Gasoline and diesel prices are at historic highs on election day, contradicting President Trump's pledge to lower fuel costs below $2 per gallon within his first year.
President Donald Trump told voters in September 2024 that his plan would cut energy prices in half within 12 months, promising gasoline below $2 a gallon. However, on election day gas averaged $4.20 per gallon, about 40% higher than a year earlier, and diesel reached $6.32 per gallon, roughly 70% above last year’s level, according to industry analysts.
Patrick De Haan, head of petroleum analysis at GasBuddy, said prices have never been this high so late in the year and noted that a forecast made in December for 2026 to be the cheapest year for gas has not materialized.
The surge follows a joint U.S.-Israel attack on Iran in February, after which Iran struck tankers in the Strait of Hormuz, reducing oil flows. The White House spokesperson Taylor Rogers described the higher fuel costs as a "small price to pay" to prevent Iran from acquiring a nuclear weapon and said prices would fall once the conflict ends.
ExxonMobil CEO Darren Woods highlighted diesel as a critical factor for economic growth, noting the company’s recent profit gains amid the disruptions. Airlines have raised fares to offset higher jet fuel costs, adding pressure on inflation.
Facing pressure from Republican lawmakers in fuel-dependent states such as Iowa, Trump considered a diesel export ban but opted for an executive order allowing tax-exempt off-road diesel on highways and announced an $8 billion relief program for farmers. He also reached a deal with Russian President Vladimir Putin for Russia to export about 6 million barrels of diesel through November, a move criticized by Ukrainian President Volodymyr Zelenskyy and some Republican senators.
Crude oil prices have risen ahead of the vote, with Brent up more than 13% in October and U.S. West Texas Intermediate up 15%. De Haan warned that any escalation before Thanksgiving could further increase prices, a period when Americans traditionally travel by car.