Too little, too late: Trump takes on gas prices as fuel costs hamper his midterm hopes
Summary
High gas and diesel prices continue to affect US voters as the midterm elections approach, with costs remaining well above last year’s levels. President Donald Trump has introduced measures to lower diesel prices, but experts say these efforts will not reduce fuel costs before the elections.Key Facts
- Gasoline costs about $4.29 per gallon, over $1.25 higher than last year.
- Diesel prices have risen nearly 75%, now around $6.30 per gallon.
- President Trump promoted diesel cost-saving deals, including allowing use of "red dye" diesel and lifting some sanctions on Russian diesel imports.
- Experts say the new deals will not significantly lower fuel prices before the November 3 midterms.
- A diesel import deal allows 2.24 million barrels from Russia, which covers only 14 hours of US diesel use.
- US energy prices are higher partly due to the ongoing war with Iran, which disrupted oil flow through the Strait of Hormuz.
- Fuel supply problems also come from damaged Middle East refineries, limited Chinese refining capacity, and attacks on Russian refineries.
- Many voters are unhappy with fuel costs and this may affect their votes in the midterm elections.
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