Gas prices in Trump’s second term hit record high for any presidency

The average price of gasoline for President Donald Trump’s second term is the highest of any presidential administration, eclipsing that of the Biden administration on Election Day.For Trump’s second term, the nationwide average price of a gallon of regular gas exceeded $3.46 a gallon, just beating the mark of $3.457 for President Joe Biden, according to weekly figures updated Tuesday by the Energy Information Administration.High gas prices helped doom Biden politically and have now put Trump and the Republican Party at risk of a Democratic wave in Tuesday’s elections. Trump came to office pledging to promote drilling for oil and gas to lower prices. But his war in Iran has driven up oil prices and inflicted pain on drivers every time they stop to refuel.The war resulted in a slowdown in shipments of fuel through the Strait of Hormuz, a waterway responsible for a significant portion of global supply. Supply has also taken a hit because of the Russia-Ukraine war, which has destroyed critical oil infrastructure. In weeks leading up to the midterm elections, Trump has attempted to curb prices by pressing the European Union to release its emergency fuel supply, allowing imports of Russian products, and ordering greater access to tax-exempt dyed diesel.As a result of the high prices of gas and diesel, oil companies have seen significant profits.Chevron last Friday reported its net income hit $9.9 billion during the third quarter of this year, a nearly 200% increase from the same period in 2025. Exxon Mobil also reported its earnings more than doubled to $15.4 billion during the same period.Trump had previously called out Chevron and Exxon for raking in “too much” profit during the second quarter of the year.“Based on a shortage, they’re making too much money,” Trump said in August. “I don’t like it, and I should be the last one to say it because I’m a big free enterprise guy. Nobody bigger.”More recently, though, he has boasted about American producers raking in money from high prices.TRUMP UNVEILS PLAN TO LOOSEN METHANE RULES FOR OIL AND GAS INDUSTRYOver the past week, fuel prices have declined slightly, but analysts say the drop may not last long after the midterm elections.“Volatility could return quickly after the election,” GasBuddy analyst Patrick De Haan wrote Monday. “Whether new attacks occur or a truce takes hold around the Strait of Hormuz, along with continued Ukrainian strikes on Russian refineries, will likely dictate where prices head as we move closer to the holidays.”