Overview
- Analysts say the national average for regular gasoline, roughly $4.27–$4.29 in late October, is unlikely to drop below $4 before the Nov. 3 midterm elections.
- Fighting in the Middle East and reduced Russian exports have pushed Brent crude above $112–$116 a barrel, raising global costs that flow through to U.S. pump prices.
- Regional refinery outages, higher transport costs and retailers selling higher-cost inventory are constraining refined fuel supplies and slowing any fall in retail gasoline.
- U.S. consumer sentiment has fallen to near-record lows according to the University of Michigan, with higher fuel costs helping drive up grocery and electricity bills for households.
- President Trump’s pledge to cut gas to $2 a gallon after the election contrasts with experts’ forecasts and adds political risk as voters struggle with rising everyday costs.