Petrol prices in the US have surged, reaching a national average of $3.58 a gallon, a 20% increase since President Trump launched the war in Iran. This rise has made prices higher than at any point during Trump's two terms, creating a significant concern for the Republican Party as midterm elections approach in November. Analysts note that Americans fill up their cars about 50 times a year, giving them frequent reminders of the increased costs.
The public reaction to these price hikes is largely negative. For example, a resident in Nashville noted petrol at $3.40 a gallon, expressing confusion about the war. In New Jersey, petrol prices hit an average of $4.52 a gallon, up from $2.98 a year ago and $4.03 just a month prior, largely due to Iran blocking shipping through the Strait of Hormuz. This surge in costs has also led to a decline in bets on interest rate cuts by the Federal Reserve, with some economists warning of a risk of stagflation.
Despite Trump's campaign promise to lower prices, his administration is now facing scrutiny. While some voters, like a retiree in Nashville, blame energy companies rather than politicians, a significant portion of the American public is dissatisfied. About two-thirds of Americans disapprove of Trump's handling of the economy, and roughly three-quarters disapprove of his handling of the cost of living. There's also been discussion about suspending federal gas taxes, with a proposed 18.4 cents per gallon suspension that would reduce New Jersey prices to approximately $4.34 a gallon, though this is seen as a temporary measure rather than a solution.
