Tag: gas prices
Average Gas Prices Were Slightly Higher Under Biden, But Trump Is Closing In Fast!

Average Gas Prices Were Slightly Higher Under Biden, But Trump Is Closing In Fast!

As I’ve come to realize in the last five years, people take the price of gas very seriously. It features very prominently in their assessment of the economy and their personal finances. For that reason, it is worth taking a quick look at what has happened to gas prices under Donald Trump and his predecessor, Joe Biden.

When Biden came into office, in January of 2021, gas was very cheap, selling for just under $2.40 a gallon. That was primarily because the economy was still feeling the effects of the pandemic. Unemployment was 6.4 percent, and we were down six million jobs from the pre-pandemic period.

The price rose quickly as the U.S. and world economy recovered, reaching $3.40 by February of 2022. Part of the reason for the rapid rise was that oil that had been taken out of production could not be instantly restarted once demand increased. Removing oil from production during the pandemic was a political decision taken in part by Donald Trump, in order to prevent oil producers from taking large losses.

Prices rose much further when Russia invaded Ukraine in February, and Biden responded by putting sanctions on Russian oil. The price peaked at over $5 a gallon in June but then fell back quickly as more oil came online. By the end of 2022, it had fallen to around $3.20 a gallon. It hovered around this level until Biden left office.

In January of 2025, when Donald Trump took office, the price was around $3.10 a gallon. It stayed around this level through most of the year, falling somewhat below $3.00 in December and bottoming out at $2.80 in January of 2026.

Then the decision to attack Iran sent gas prices soaring. They hit $4.00 a gallon by the end of March and peaked at over $4.50 a gallon in early May. Since then, they have bounced around in response to reports of peace agreements and new threats but have mostly been near $4.00 a gallon. (They are $4.08 today.)

Taking the averages to date, prices are still somewhat lower under Trump than under Biden: an average of $3.35 a gallon under Trump compared to $3.46 in the four years of the Biden administration.

However, this gap is being whittled away with gas over $4.00 a gallon due to the largely closed Strait of Hormuz. If gas prices are not brought down, Trump will soon be able to boast of having higher gas prices on average than Joe Biden.

Dean Baker is a senior economist at the Center for Economic and Policy Research and the author of the 2016 book Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Please consider subscribing to his Substack.


CNN Poll: Trump Approval Sinks To Lowest Level Since January 6 Insurrection

CNN Poll: Trump Approval Sinks To Lowest Level Since January 6 Insurrection

In his two terms in office, President Donald Trump has always had one thing going for him: No matter how bad his approval got with Democrats and independents, his standing with Republicans was so strong that it prevented the bottom from falling out for him and his party.

But after Trump made the ill-fated decision to launch a war in Iran—which is now entering its sixth month and continues to take a toll on gas prices and affordability in the U.S.—it appears that even Republicans are starting to hop off the Trump train.

A new CNN/SSRS poll released Wednesday found Trump’s approval at a dismal 34 percent—tied for the low level he notched days after he fomented the violent insurrection at the U.S. Capitol on January 6, 2021.

His approval rating has been dragged down by the fact that a growing number of Republicans disapprove of the way he’s handling his job. CNN found that 78 percent of Republicans approve of the job he’s doing in office—a new low in CNN’s polling.

To put that into perspective, in late June 2024, then-President Joe Biden had a similarly low 73 percent approval rating among Democrats in a CNN poll. And we know how that next election turned out for the Democratic Party.

What’s more, among non-college-educated white voters—which has been Trump’s strongest voting bloc and helped him win in both 2016 and 2024—Trump’s approval rating is now underwater. Just 46 percent of non-college-educated white voters approve of the job he’s doing, down from 63 percent in February 2025.

Trump’s declining approval is almost certainly due to his war in Iran, which voters overwhelmingly disapprove of. Not only did it go against Trump’s promise not to start new foreign entanglements, but it has also spiked gas prices and inflation.

CNN’s poll found just 28 percent approve of his handling of the war, including just 66 percent of Republicans. An even lower 21 percent approve of his handling of gas prices, including less than half (48 percent) of Republicans.

CNN’s poll also clocked an even more concerning statistic for the Republican Party in the midterms: Just 19 percent of self-identified Republicans said they are enthusiastic about the remainder of Trump’s term. That’s a significant drop from CNN’s poll in February 2025, when 47 percent of Republicans were enthusiastic. And it gets to the heart of Republicans’ enthusiasm problem ahead of this November’s midterm elections.

With Republicans unenthused about the remainder of Trump’s term, it could keep those voters home during the midterms.

Indeed, Republican pollsters are warning about this very enthusiasm gap, saying they fear around one-fifth of GOP voters will either stay home or vote Democratic this fall—the outcome of which could lead the party to lose not only their House majority but the Senate, too.

Worse yet for Republicans is that Trump has no good way out of this war.

Iran has proven to be more resilient than Trump expected, with the country’s ability to block the Strait of Hormuz and hobble the global economy giving it leverage. And if Trump packs it in and leaves now, it would make him look like a loser who capitulated to a terroristic regime. Being labeled as a loser is perhaps Trump’s biggest fear—and why he has held onto his deranged belief that the 2020 election was stolen from him.

In sum, Trump’s war has been an abject disaster for American security and the economy—as well as for Republicans’ chances in the midterms.When the GOP loses this fall, it will be because they did not exercise their own power to block their Dear Leader for sinking the country into yet another forever war that does nothing for the American people.

Top Trump Adviser: Rising Gas Prices Show 'People Are Optimistic About The Future'

Top Trump Adviser: Rising Gas Prices Show 'People Are Optimistic About The Future'

President Donald Trump’s failure to negotiate an end to his war with Iran has led the administration to now absurdly claim the resulting rise in gas prices are a good sign for the economy.

Kevin Hassett, the Trump-appointed director of the National Economic Council, made the claim during an appearance on Fox News Sunday.

“People are spending more on gas, but they’re also spending more on everything else—not just groceries but restaurants and so on. And I think that’s a sign that you would see when people are optimistic about the future,” Hassett said.

In the weeks following Trump’s choice to attack Iran, which has caused the closure of the vital Strait of Hormuz shipping route, gas prices have reached an average of $4.32 per gallon, according to the American Automobile Association. That is significantly more than the $3.14 that a gallon cost at this time last year.

No serious economist would argue that rapidly increasing the cost of a necessity like fuel could be seen as a positive economic indicator, and the Trump administration is aware of this.

Increased fuel costs, along with Trump’s increased tariffs, have caused inflation to rise. According to the Commerce Department, inflation reached 3.8 percent year-over-year in April, the highest rate that has been measured since May 2023.

The recovering economy that Trump inherited from former President Joe Biden is being washed away by Trump’s actions.

On his Truth Social account, Trump fumed on Sunday night that he is receiving criticism for his diplomatic impotence. Trump and his team have continually promised that a “deal” with Iran is imminent, but for weeks, nothing substantial has materialized.

“[D]on’t the Dumocrats, and various seemingly unpatriotic Republicans, understand that it is MUCH tougher for me to properly do my job and negotiate, when political hacks keep negatively ‘chirping,’ at levels never seen before, over and over again, that I should move faster, or move slower, or go to war, or not go to war, or whatever,” Trump wrote.

He concluded: “Just sit back and relax, it will all work out well in the end – It always does!”

Reprinted with permission from Daily Kos

Larry Kudlow

Fox Anchors' Nuclear Justification For Iran War -- And Its High Costs -- Is Collapsing

Fox pundits have repeatedly argued that the Iran war’s costs are “a small price to pay” for its supposed prevention of the imminent threat posed by Iran obtaining a nuclear weapon.

But a new U.S. intelligence assessment reportedly found that after two months of war, “the time Iran would need to build a nuclear weapon has not changed since last summer, when analysts estimated that a U.S.-Israeli attack had pushed back the timeline to up to a year,” according to exclusive reporting from Reuters.

Trump’s war of choice against Iran is now in its third month and headed for strategic defeat. While U.S. and Israeli strikes have killed Iranian leaders and severely damaged their military, the regime is intact and has established control over the Strait of Hormuz, a vital channel for global trade. Americans are seeing gas, diesel, and fertilizer prices soar as a result, and the direct cost of the war continues to grow.

Some Fox pundits, in the face of plummeting support for the war, have argued that these costs are relatively small compared to the benefit of preventing Iran from obtaining a nuclear weapon — but according to the new U.S. intelligence assessment, there was and remains no imminent threat of that happening.

Fox Business host Larry Kudlow, a former Trump economic adviser, argued in a Monday Fox appearance that skyrocketing fuel costs are “a small price to pay to stop the nuclear activity” from Iran, which he described as “the most gruesome regime we’ve seen in a hundred years” (note that this period includes Nazi Germany, the Soviet Union under Joseph Stalin, and Mao Tse-Tung’s China).

After Kudlow went on to say that “four and a half dollars gasoline — it's not a great idea, wouldn't want it forever, but it really isn't doing all that much harm,” Fox Business contributor Marcus Lemonis added, “I think you said it right, Larry. We don't want it forever, but this short-term pain has a big, big benefit to it.”

Fox host Sean Hannity, a close ally of the president and major supporter of his war, similarly claimed last week that skyrocking gas prices are merely “short-term pain” justified by preventing Iran from obtaining a nuclear bomb.

“It certainly is short-term pain,” Hannity told a guest during his April 30 broadcast. “Nobody wants to pay more for gas. Diesel is even more expensive, as you point out.”

“However, in exchange for not giving our children and grandchildren nuclear weapons, again, in the short term, I think I’d take that deal every day of the week,” he added.

And Fox host Todd Piro, during a rare mention of the $25 billion estimate a Pentagon analyst gave last week for the early cost of the war, said of that price tag, “If we are dead because Iran strikes us with a nuke, all these economic discussions are moot.”

But as Reuters reported on May 4, U.S. intelligence agencies did not assess that Iran could quickly obtain a weapon before the 2026 war began — or even before striking nuclear facilities last year — much less that the country could deploy it on U.S. soil:

U.S. intelligence assessments indicate that the time Iran would need to build a nuclear weapon has not changed since last summer, when analysts estimated that a U.S.-Israeli attack had pushed back the timeline to up to a year, according to three sources familiar with the matter.
The assessments of Tehran's nuclear program remain broadly unchanged even after two months of a war that U.S. President Donald Trump launched in part to stop the Islamic Republic from developing a nuclear bomb.

U.S. intelligence agencies had concluded prior ⁠to June's 12-day war that Iran likely could produce enough bomb-grade uranium for a weapon and build a bomb in around three to six months, said two of the sources, all of whom requested anonymity to discuss U.S. intelligence.
Following the June strikes by the U.S. that hit the Natanz, Fordow and Isfahan nuclear complexes, U.S. intelligence estimates pushed that timeline back to about nine months to a year, said the two sources and a person familiar with the assessments.

This new assessment further demolishes arguments for the war that Fox propagandists like Hannity offered after U.S. strikes began in late February.

Trump envoy Steve Witkoff, who negotiated on behalf of the U.S. in talks with Iranian counterparts in the lead-up to the war, helped fuel those arguments by claiming on Hannity’s Fox show that Iranian negotiators had admitted possessing a uranium stockpile that could be weaponized “in roughly one week” and used to build 11 nuclear bombs. Witkoff lacks prior experience in nuclear diplomacy — but he does have sizable business interests in the Gulf region, at times partnering with Trump’s family business.

Reprinted with permission from Media Matters


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