Gas Hits $4.29 as Iran War Drives Up Costs Before Midterms

With the midterm elections scheduled for Nov. 3, the U.S. is entering a critical voting period with energy costs at their highest point since the war with Iran began nearly eight months ago. President Donald Trump has faced mounting pressure to explain the financial strain on households as he campaigns for Republican control of Congress.

The national average price for a gallon of regular gasoline reached $4.29 on Monday. This figure is up from $2.98 prior to the conflict. Diesel prices have risen even more sharply, hitting a record high last month before settling at an average of $6.35 per gallon. That is an increase from $3.76 in February. The cost of living is now the primary concern for many voters heading into Election Day.

Trump has argued that the higher fuel costs are a necessary trade-off for the war, which he maintains is essential to stop Iran from developing nuclear weapons. He has also pointed to former President Joe Biden’s economic policies as the root cause of current inflation. At a rally in Georgia over the weekend, the president told supporters, “We’re making a freaking fortune,” as he framed the global oil squeeze as a positive for American production.

His stance on the price of fuel has shifted multiple times since the Feb. 28 attacks began. In his 2026 State of the Union address, just days before the war started, he bragged that gas was below $2.30 in most states. As oil prices spiked shortly after the launch of the war, he posted on Truth Social that the U.S. would make money because it is the world’s largest oil producer.

When crude prices cooled in the summer, Trump grew frustrated that gas stations did not lower prices quickly enough. He warned retailers to “DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE” and threatened that “big problems lie ahead” if they did not. By early September, he admitted that oil prices would not likely fall before the midterms, stating, “Right after the election, oil prices are going to be tumbling downward.”

Earlier this month, the administration announced a deal to purchase Russian diesel to curb price spikes. This move marks a reversal from years of U.S. pressure on Moscow. Trump also claimed the U.S. retained total control of the Strait of Hormuz, despite traffic remaining below pre-war levels. To help offset costs, his administration launched a new harvest fuel relief program intended to provide $8 billion in support for farmers.

At a campaign stop in Kansas, Trump asked the crowd to “pretend please that I’m on the ballot.” He noted that the higher fuel costs were a “very inexpensive price to pay for what we’ve done.” Nationwide, diesel currently averages about $6.32 per gallon, which is 74% higher than the $3.63 price from a year earlier.