Donald Trump promised in September 2024 to bring gasoline below $2 a gallon during his first year in office, then described rising fuel prices as the cost of preventing Iran from obtaining a nuclear weapon. On election day, the national average gasoline price stood at $4.20 a gallon, nearly 40% higher than a year earlier, while diesel climbed about 70% to $6.32. Disruptions in the Strait of Hormuz, attacks on refineries in Saudi Arabia and Russia and the war in Ukraine drove the increase, particularly affecting transportation, agriculture and airlines. Under pressure from Republicans, Trump allowed the use of tax-exempt off-road diesel, announced $8 billion in relief for farmers and reached a deal for Russia to export about 6 million barrels of diesel through November, an amount analysts said would not meaningfully affect prices. Brent and West Texas Intermediate crude oil rose by more than 13% and 15% respectively in October as markets priced in the risk of renewed strikes against Iran after the election.
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