Election day energy prices soar despite Trump’s promises
During his re-election campaign, President Donald Trump pledged to lower gasoline prices below $2 per gallon within his first year in office. “My plan will cut energy prices in half or more than that within 12 months of taking office,” he stated at a New York Economic Club speech in September 2024.
However, voters heading to the polls on Tuesday will face historically high energy costs. According to Patrick De Haan, head of petroleum analysis at GasBuddy, prices are the highest ever recorded on an election day.
As of Friday, the national average gas price stood at $4.20 a gallon, nearly 40% higher than the same period last year. Diesel prices, crucial for transportation and agriculture, have surged approximately 70% over the past year, reaching $6.32 a gallon.
Comparatively, gas prices were $3.80 during the 2022 midterm elections, when Russia’s invasion of Ukraine triggered an energy crisis.
Analysts attribute the price increases to Trump’s decisions, including a joint attack on Iran with Israel on February 28, which led to retaliatory strikes on tankers in the Strait of Hormuz. “Trump got in his own way,” De Haan commented. “Back in December, we predicted that 2026 was going to be the cheapest year for gas since 2020. That required no effort. And obviously, it hasn’t gone that way.”
White House spokeswoman Taylor Rogers stated that while adjusted for inflation, gas prices have been higher around previous election days. The situation has been further complicated by Houthi rebel attacks on Saudi Arabian refineries and Ukrainian strikes on Russian refineries.
ExxonMobil CEO Darren Woods highlighted the impact of diesel prices, noting their importance to economic growth, following the company’s announcement of substantial profits due to the disruptions.
To alleviate pressure ahead of the election, Trump briefly considered a diesel export ban at the urging of Senator Chuck Grassley (R-Iowa), but ultimately opted for an executive order allowing truckers to use tax-exempt diesel and an $8 billion farmer relief program. He also brokered a deal with Russian President Vladimir Putin for Russia to export approximately 6 million barrels of diesel, a move criticized by Ukraine’s President Zelenskyy and some Republican senators.
Crude oil prices have recently increased, and while Trump has stated he won’t resume strikes on Iran before the election, the market anticipates potential conflict afterward. Brent crude oil prices have risen over 13% in October, and U.S. West Texas Intermediate crude is up 15%.
Source
“Trump promised to slash energy costs — but gasoline, diesel and jet fuel all soared instead”
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