President Donald Trump faces midterm headwinds but remains undaunted on oil prices due to his maximum pressure campaign on Iran, and vows to remain determined against Iran’s terrorism in the Strait of Hormuz and its nuclear weapons ambitions. Average gas prices during Trump’s second term have eclipsed those recorded during former President Joe Biden’s administration, according to AAA data, presenting a stark economic vulnerability for Republicans seeking to maintain narrow congressional majorities ahead of the Nov. 3 midterm elections. The price of regular gasoline has averaged $3.472 per gallon under Trump, surpassing the average of $3.471 under Biden. “Once this conflict comes to an end, gasoline prices will fall dramatically,” the White House said. spokeswoman Taylor Rogers said in a statement. “Thanks to the exceptional work of the US military, more oil is now coming out of the Persian Gulf than before the conflict with Iran began.” The sustained cost pressures follow widespread disruptions in international energy markets driven by the protracted war in Ukraine and the nine-month-old joint US-Israeli conflict with Iran. Hostilities centered on the Strait of Hormuz – the vital corridor that historically handled about 20 percent of the world’s oil trade – have restricted global crude oil flows and triggered emergency reductions in oil reserves in the United States and Europe. Reuters contributed to this report.
