Trump's Efforts to Lower Gas Prices Face Rising Costs Ahead of Midterms

President Donald Trump has repeatedly told voters that gasoline prices will fall before the November midterm elections. Despite the assurances, the average price of regular gasoline rose to $4.36 per gallon, according to the American Automobile Association, up from $3.09 a year earlier. Diesel prices also climbed to $6.28 per gallon.

At a White House event on Friday, Trump recalled seeing gas prices below $2 a gallon in Iowa before the United States and Israel carried out strikes on Iran in February, adding, "We'll be down to those levels soon."

In an attempt to influence the market, the administration suspended fuel export sanctions on Russia earlier this week, a move that was followed by a Ukrainian strike on a Russian oil depot. Later, Trump announced an "ENERGY CEASEFIRE" between Russia and Ukraine on his social-media platform, a proposal that Ukrainian President Volodymyr Zelenskyy said was new to him.

Oil market pressures continue, with a tanker hitting a mine in the Strait of Hormuz and ongoing attacks on oil infrastructure in the Middle East, including recent incidents involving Iranian-backed groups and a strike on Saudi Arabia's oil pipeline. These developments have kept crude prices elevated, limiting the likelihood of a near-term decline in U.S. gasoline costs before voters head to the polls.