Trump seeks to lower fuel costs as midterm elections approach

Summarised from 2 outlets · Updated 9 Oct, 18:07 · Archive

US President Donald Trump is announcing measures to reduce fuel prices ahead of the midterm elections, as high costs dominate voter concerns.

Fuel prices have more than doubled since the conflict with Iran began in February, affecting transport businesses, farmers and consumers across America. The rising cost of fuel, food and other goods has become a dominant election issue, with voters tying affordability concerns to Trump and his party. A recent CBS News poll found that 90 per cent of Americans say prices are the main factor shaping their views of the economy.

Trump campaigned in 2024 on promises to lower the cost of living, vowing to push gasoline prices below $2 a gallon and deliver 2% mortgage rates. This week he announced a waiver on the use of red dye diesel at a campaign stop, underlining the importance of fuel costs in an election dominated by affordability issues.

However, the financial pressures facing Americans predate Trump's return to the White House, with consumers reeling from five years of post-pandemic inflation. CBS News reports that some of Trump's own policies have exacerbated the problem: his tariff regime contributed about 2.9 percentage points to inflation through February, according to research from the Federal Reserve Bank of New York. The conflict with Iran that Trump initiated in February has also disrupted oil shipments and driven up the price of oil, gas and diesel. Global oil supplies have been restricted since the conflict effectively halted the usual flow through the Strait of Hormuz, though crude oil is nearly back to pre-war levels at above $100 a barrel.

How it is being reported

• Trump promised to lower prices for Americans. Here's what the data shows.Just weeks before the midterm elections, 90% of Americans say prices in the U.S. are the main factor shaping their view of the economy. These charts show why.CBS News · 9 Oct, 17:23
• Trump wants to reduce the cost of fuel as the midterms loom - will it work?The price of fuel has soared as the cost of living emerges as a key issue for millions of Americans.BBC News · 9 Oct, 05:55

In this story: Donald Trump · United States · Iran · Strait of Hormuz · Ukraine · Russia

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