2026 U.S. Elections: Gasoline and Diesel Prices in the U.S. Hit Record Highs — CNN
On the day of the midterm congressional elections, Americans faced record-high prices for gasoline and diesel. The average price per gallon of regular gasoline reached $4.15, while diesel averaged $6.29. According to estimates by researchers at Brown University, higher fuel prices have cost American consumers approximately $151 billion since the start of the war with Iran.
Gas prices became one of the most prominent economic issues in the U.S. in the run-up to and during the midterm elections. For many Americans, the cost of gas is not just a number at the pump, but an indicator of how expensive everyday life has become. According to the American Automobile Association (AAA), on Tuesday, November 3, the average price of regular gasoline nationwide was $4.15 per gallon. Although gas prices have fallen slightly in recent days and weeks, they still remain the highest on record for Election Day.
CNN analysts reached this conclusion after comparing AAA data covering the period since 2000. The previous record was set in 2022, when a gallon of gas cost an average of $3.80. That was a period when, under President Joe Biden, inflation in the U.S. reached its highest level in the last four decades.
Trump’s promises of cheap gas did not come true
High fuel prices also have political significance. During the 2024 presidential campaign, Donald Trump repeatedly criticized the Joe Biden administration over the cost of gas. At the time, he promised to lower the price to less than $2 per gallon. However, current figures are far from that promise. On Election Day 2024, the average price of gas in the U.S. was about $3.10 per gallon. Now, Americans are paying more than a dollar more.
CNN cites Trump’s decision to start a war with Iran as one of the main reasons for the price hike. The conflict affected the oil market and, consequently, the cost of fuel. At the same time, prices also depend on other factors, including global oil prices, refining costs, and transportation expenses. There is another comparison that may prove uncomfortable for the U.S. president. According to CNN’s calculations, the average price of gasoline during Trump’s second presidential term currently stands at $3.481 per gallon. By comparison, during Biden’s presidency, this figure was $3.471.
In other words, the average price of gasoline during Trump’s second term has already slightly exceeded that of the previous administration. The difference is small, but it contradicts the rhetoric Trump used during his campaign, when he criticized his predecessor for high gas prices.
In 2012, gasoline was more expensive when adjusted for inflation
At the same time, the nominal price at gas stations doesn’t always tell the whole story. When you factor in inflation and adjust fuel prices to today’s value, current figures no longer appear to be an all-time record.
For example, on Election Day 2012, the average price of gas, adjusted for inflation, exceeded five dollars per gallon. So the current price of fuel is a record only in nominal terms for Election Day, but not in terms of the purchasing power of money.
Diesel also broke previous records
The situation with diesel fuel is even more challenging. On Tuesday, its average price in the U.S. was $6.29 per gallon. This is significantly higher than the previous record for Election Day—$5.35—which was set in 2022. Diesel is particularly important for the economy, as it powers trucks that transport goods across the country, as well as agricultural, construction, and other machinery. Therefore, rising diesel prices affect not only drivers but also businesses, logistics, and the cost of goods for consumers.
According to CNN, diesel prices have now reached an all-time high even when adjusted for inflation. In other words, this is not just a nominal price increase—fuel has actually become more expensive than ever before compared to previous periods.
The war with Iran has cost Americans about $151 billion
High gasoline and diesel prices have already taken a significant toll on Americans’ wallets. According to estimates by researchers at Brown University, since the start of the war with Iran, consumers’ additional spending on fuel has totaled about $151 billion. On average, that’s more than $1,100 per household in the U.S. This figure illustrates just how much of a burden rising fuel prices can be on a family’s budget, especially for those who drive daily or rely on transportation for work.
Thus, record-high gas prices have become yet another challenge for the Trump administration on the day of the midterm elections. The president, who once promised Americans gas prices below $2 per gallon, now faces figures that exceed not only his promises but also the price levels on Election Day 2024. CNN reports on this.
Midterm elections for Congress have begun in the U.S. Democrats hope to gain control of both chambers—the House of Representatives and the Senate—while Republicans are trying to hold onto their seats. Voting has already begun in several states, but it has not been without problems at polling places, inclement weather, and heightened attention to the security of the electoral process.
U.S. Secretary of Defense Pete Hagseth has ordered the country’s military intelligence and cyber units to strengthen security for the 2026 midterm elections against potential interference by foreign powers. He called this a “must-succeed” mission and directed that all available resources of the Pentagon’s intelligence system be deployed to support it.
