ALL GAS NO BREAKS

Trump Hits Humiliating Milestone Day Before Election

Fuel costs have surged to historic highs just hours before voters head to the polls.

Average fuel costs under President Donald Trump have reached an all-time high on the eve of high-stakes midterm elections dominated by rising living costs.

According to a Financial Times analysis of federal data, average gas prices will hit $3.46 a gallon, surpassing the prior record set under former President Joe Biden.

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The surge in energy expenses stems directly from military conflict in the Middle East following the outbreak of hostilities with Iran in February, creating a massive political headache for congressional Republicans defending their majorities in Tuesday’s election.

The eye-popping numbers stand in stark contrast to campaign promises made during the 2024 presidential race, when a pledge to slash gas prices to $2 a gallon helped rally voters against inflation.

Instead, gas costs have surged by more than a third since January 2025. Data from AAA shows prices reached $4.17 a gallon on Sunday, while diesel shot up to $6.30 a gallon—a 70 percent jump during the current term, after previously peaking at a record $6.53 in September.

White House officials have moved quickly to defend the administration’s national security choices, arguing that elevated energy costs are a necessary tradeoff for foreign policy actions.

“Protecting America’s national security from threats by a radical terrorist regime that has chanted ‘Death to America’ for 47 years was the right thing to do and President Trump is the only president who has had the courage to do it,” White House spokesperson Taylor Rogers said in a statement to the FT.

A White House official separately maintained that prices were higher under the previous administration when adjusted for inflation.

To tame spiraling costs, the administration took the controversial step of temporarily waiving sanctions on Russian diesel imports after striking an agreement with President Vladimir Putin.

Under the arrangement, three tankers carrying 140,000 tonnes of diesel are set to dock at American ports shortly after the midterms. Energy analysts note the small initial volumes will do little to lower prices in the short term, with long-term relief hinging on broader diplomatic resolutions between Moscow and Kyiv.

Meanwhile, major domestic energy producers continue to pocket massive windfalls from the market turmoil. Exxon and Chevron warned that high diesel costs are unlikely to dissipate anytime soon, even as the two oil giants reported near-record profits totaling $25.3 billion.

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Crude markets offered a slight reprieve on Monday morning as global benchmark Brent crude dropped 4.3 percent to $108.55 a barrel.

The dip came amid reports that Iranian and Qatari diplomats are holding discussions to resolve the regional conflict, with Axios reporting that the president favors diplomatic negotiations over immediate military escalation following Tuesday’s vote.

However, oil prices remain far above the $60 to $70 range seen before hostilities choked off shipping lanes through the Strait of Hormuz eight months ago.

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Leigh KimminsReporter

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