Gas Hits $4.29 as Trump Warns of High Costs Until After Midterms

Gasoline now costs an average of $4.29 per gallon, a steep rise from $2.98 before the war with Iran began in late February. Diesel prices have also climbed to a record average of $6.35 per gallon, up from $3.76 in February. These figures are straining households and complicating Republican efforts to retain control of Congress in the midterm elections scheduled for November 3.

President Donald Trump has acknowledged the rising costs but frames them as a necessary expense to prevent Iran from acquiring nuclear weapons. He has repeatedly blamed former President Joe Biden for the underlying economic challenges while arguing that higher oil prices benefit American producers. "We're making a freaking fortune," Trump told supporters at a campaign rally in Georgia over the weekend.

The price trajectory has been volatile since the conflict started. In his 2026 State of the Union address, delivered just days before the February 28 attacks on Iran, Trump boasted that gasoline was below $2.30 in most states. He cited a low of $1.85 in Iowa at the time. However, Brent crude oil soon spiked past $100 a barrel, up from about $70 in 2025.

During the summer, oil prices dipped toward $68 a barrel on hopes for peace. Trump posted on social media that retailers must quickly lower pump prices, warning that "big problems lie ahead" if they did not. At that point, the national gasoline average was $3.86, down from a May peak of over $4.50 but still 67 cents higher than a year prior.

Recent escalations in fighting have pushed oil costs back up. In early September, Trump stated that oil prices would not cool until after the midterm election. "Right after the election, oil prices are going to be tumbling downward," he said. As fighting intensified, Brent crude rose past $101 a barrel, compared to $66 a year earlier.

Earlier this month, Trump announced a deal to purchase Russian diesel to stabilize fuel costs, a shift from previous U.S. pressure on Moscow. He claimed the administration had total control of the Strait of Hormuz, despite traffic remaining low. The national diesel average is currently $6.32, which is 74% higher than the $3.63 price from a year ago.

The administration is also launching a harvest fuel relief program. Trump said the plan would provide $8 billion in support for farmers. He addressed the crowd at a Kansas rally, noting, "When Republicans win, we will pass even more funding for our farmers."