Gasoline affordability remains Trump’s top issue as average price reaches $4.48

  • Jarrod Agen said gasoline affordability remains the top issue Trump examines.
  • $4.48 was Tuesday’s national average gasoline price, up from approximately $3.18 a year earlier.
  • U.S. refineries are operating near maximum capacity amid Strait of Hormuz disruptions and other crises.

Gasoline affordability remains the top issue President Trump looks at, energy adviser Jarrod Agen said at an Axios House event Tuesday. The national average gasoline price was roughly $4.48, up from around $3.18 a year earlier, according to AAA. The Trump administration is promoting savings from its deregulatory agenda as overseas conflicts, including the Iran war, unsettle oil markets and threaten a costly winter for households. Asked whether Trump takes responsibility for higher prices, Agen said the president’s long-term objective is preventing Iran from developing nuclear capabilities, adding that Trump considers stopping an Iranian nuclear weapon worth the long-term cost. Agen said strained refining capacity, rather than a lack of crude, is driving the immediate price pressure. He cited Russia’s refining capacity as down 30% to 40% and said China is operating below capacity. Agen said the administration is considering relief through the Defense Production Act, which Trump has already invoked, and infrastructure projects aimed at expanding or addressing refining constraints. Diesel prices earlier this month broke their record and then exceeded $6 a gallon for the first time, adding to inflation and household-cost pressures. Brown University estimated that the Iran war has cost U.S. consumers more than $100 billion in higher energy prices. The affordability challenge comes ahead of the midterms, as Republicans seek to retain control of Congress. Disruptions in the Strait of Hormuz and other crises have pushed U.S. refineries near maximum capacity and raised questions about a possible American diesel export ban. Trump also told world leaders at the General Assembly gathering Tuesday that he gave no credence, and would not give credence, to the election when it comes to Iran. Gasoline prices are rising again, adding to Republican concerns about the midterms.

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