US Pump Prices Under Trump's Term Now Top Biden-Era Averages

what happened

The average price US motorists have paid for gasoline since Trump began his second term has surpassed the average under the Biden administration, Seeking Alpha reported, citing several reports based on American Automobile Association (AAA) data. A gallon of regular gas averaged $3.473 since the start of the term, against $3.471 under Biden, CNN said. Diesel has also risen, to $4.343 versus $4.078, according to Reuters. US diesel hit a record $6.523 on September 22.

Since the Middle East war began eight months ago, US average pump prices have climbed 43% and diesel prices have jumped 70% to a record high. AAA put the national average for regular gasoline at $4.18 a gallon on Saturday, down $0.11 over the week but up $1.14 from a year earlier. The record of $5.02 a gallon from June 2022 has not been broken.

why it matters

The gap between the two administrations' averages is expected to widen while fuel stays well above $4 a gallon. For markets, this signals continued strain on household budgets and carrier costs, and diesel, which costs more than gasoline and is vital for freight, is especially sensitive to such moves.

market impact

US gasoline and diesel: high pump prices squeeze consumers and transport costs

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