Gasoline Prices Reach $4.13 per Gallon on U.S. Midterm Election Day
The national average price of gasoline hit $4.13 a gallon on November 3, the highest ever recorded for an election day, as supply constraints keep fuel costs elevated.
On November 3, the day of the U.S. midterm elections, the national average retail price of gasoline rose to $4.13 per gallon, according to data from the fuel-price tracking app GasBuddy. The figure, measured at 10 a.m. New York time, marks the first time the price has topped $4 on an election day.
"This year's election-day price level exceeds that of any previous voting day, including 2022," said Patrick De Haan, head of petroleum analysis at GasBuddy.
The current price remains below the May peak of $4.56 and the late-September average of nearly $4.50, but it is higher than typical year-end levels, indicating that supply-demand imbalances have not eased. Analysts cite a combination of disrupted global energy shipping, a refining crisis linked to the U.S.–Iran conflict, Ukrainian drone attacks on Russian refineries, and limited Chinese exports as factors tightening refined-product supply.
Diesel prices were also elevated, with the national average at $6.27 per gallon on November 2, just 24 cents shy of the September record high. Both gasoline inventories and diesel stockpiles are below seasonal norms, and the approach of the winter heating season is expected to intensify supply pressures.
An analysis by the Institute for Progress noted that, after adjusting for inflation, current gasoline prices are still lower than those recorded during the 2022 election cycle. The White House highlighted the same point, emphasizing that real prices remain below levels seen on some past election days.
President Donald Trump has said that gasoline prices are expected to fall once the Middle East conflict ends. International oil markets have risen ahead of the midterms, with Brent crude up more than 13% and West Texas Intermediate gaining about 15% in October.
The sustained high fuel prices are likely to influence inflation expectations and could affect the Federal Reserve's timing of interest-rate cuts, while tighter diesel supplies may create profit opportunities for energy companies.