“The Trump administration sets a new record high in average gasoline prices ahead of the midterm elections.”

(Seoul = Yonhap News) Reporter Kim Seung-wook = After U.S. President Donald Trump's return to power, the average gasoline price is expected to hit the highest among all U.S. administrations on the 2nd (local time), a day before the midterm elections.

As high inflation has emerged as a key issue in this election, there are observations that such a surge in oil prices could act as a decisive negative factor in the public opinion surrounding the Trump administration and the ruling Republican Party.

The Financial Times (FT) reported that, according to an analysis of U.S. federal data, the average gasoline price since President Trump returned to power is expected to exceed $3.46 per gallon as of the 2nd, the highest recorded during the former Joe Biden administration.

The media pointed out that the decisive cause of this surge in oil prices was the Iran war that President Trump launched in February of this year.

This is because Iran blocked the Strait of Hormuz, a major crude oil transport route, and major energy infrastructure in the Middle East was largely destroyed during the fighting, causing a serious disruption to global oil supply.

This, combined with the blow to Russian oil refineries in Ukraine, is said to have further fueled the rise in international oil prices.

During his 2024 presidential campaign, President Trump won the support of many voters by pledging to lower the price of gasoline to $2 per gallon and resolve the extreme inflation that plagued Americans during the Biden administration.

However, since Trump came back to power, gasoline prices have risen by more than a third, reaching $4.17 per gallon as of the 1st.

In the United States, the price of diesel, which is used as a key fuel for agriculture and industry, soared by more than 70%, reaching $6.30 per gallon on a daily basis. The average diesel price during the second Trump administration ($4.339) also exceeded the level during the Biden administration ($4.076).

This rise in oil prices is stimulating inflation.

The US personal consumption expenditure (PCE) price index in September rose 3.6% compared to the same month last year, significantly higher than before the inauguration of the second Trump administration (2.6%).

The FT reported that in a recent U.S. opinion poll conducted by the company, about 56% of respondents said they had become poorer since President Trump took office again in January of last year, and pointed out that "a warning light has turned on on the Republican Party's election front."

President Trump took unconventional measures, such as agreeing to import Russian diesel through an agreement with Russian President Vladimir Putin, but the short-term effect is expected to be minimal because the initial import volume is small and it takes time to restore the supply chain, the media pointed out.

“High energy prices are a key factor in the cost-of-living burden that voters will consider most important at the polls,” said Jason Bordoff, director of the Global Energy Policy Center at Columbia University. “It is a result of the current administration’s own actions.”