The U.S. enters Election Day with gas prices falling steadily but averaging more than a dollar higher than one year ago, a tangible reminder of the fallout from the Iran war.
The average price stood at $4.13 per gallon on Tuesday, a 12-cent drop from a week ago and down 24 cents from a month ago, according to the AAA motor club.
Still, gas costs far more than the $3.04-per-gallon price Americans saw, on average, at this time last year.
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The picture is a mixed bag for President Trump, who is trying to stave off a blue wave and retain Republican majorities in Congress.
High prices were a key theme of this campaign cycle, and gas prices were a shorthand symbol for geopolitical events and inflation.
Florida Gov. Ron DeSantis, a Republican who ran against Mr. Trump in the 2024 presidential primary, said the GOP needs to face reality — voters are feeling a pinch.
“The reality is, gas is higher,” Mr. DeSantis said Sunday. “That’s not good.”
“Some of these Republicans that try to act like it’s no big deal — I disagree with that,” Mr. DeSantis said. “It is a big deal for people.”
Prices are dropping because of increased oil flows in the Middle East. The U.S.-Iran conflict boosted prices for much of the year, but a pre-election pause in fighting helped tankers get through the Strait of Hormuz at pre-war or close to pre-war levels.
Mr. Trump says the U.S. economy remains strong and higher gas prices will be worth keeping a nuclear weapon out of Iran’s hands.
“We’re making a freaking fortune. Our country is getting stronger and stronger all the time. And those pump prices are going to come down,” he said at a recent campaign rally.
Mr. Trump urged voters to remain positive.
Democrats on Tuesday seek a net gain of three seats to retake the House and four seats to win the Senate majority. They say voters should hold Mr. Trump accountable for higher prices.
“For the last two years, working families, farmers, and small business owners have been forced to dip into their savings or take on debt just to afford gas, groceries, and healthcare, while Donald Trump dedicates his focus — and taxpayer dollars — to his vanity projects and special favors for the ultra-rich,” Democratic National Committee Chairman Ken Martin said Monday.
Mr. Trump’s outlook on gas prices fluctuated throughout the year.
“So you think gas prices will be lower before the midterm elections?” Fox Business host Maria Bartiromo asked in April.
“I think they’ll be much lower — before midterms? Much lower,” Mr. Trump said.
In later months, Mr. Trump pivoted to saying gas prices would fall whenever the Iran conflict ended. Oil prices receded as Middle East flows improved in the late summer and fall, but gas prices did not drop quite as fast.
Mr. Trump scolded large fuel companies for not slashing gas prices at the same pace as dropping oil prices.
The path forward is unclear. Mr. Trump paused strikes on Iran ahead of the midterms, though the U.S. military struck Iran’s Qeshm Island on Monday night. The Pentagon described it as a limited, defensive move.
Oil prices rose Tuesday amid Middle East tensions before receding as investors hoped for a diplomatic breakthrough.
Brent crude traded just above $100 per barrel, while West Texas Intermediate traded closer to $95.
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