US gas prices fall ahead of midterm elections as voters worry about costs | Oil and gas news
Diesel prices fall to $6.29 per gallon, providing slight relief amid compressed global demand for the fuel.
Published on November 2, 2026
Gasoline prices have fallen amid renewed diplomatic efforts to end the U.S.-Israel war on Iran, but remain high ahead of the U.S. midterm elections, with the cost of living remaining a central issue for voters.
As of Monday, the average price of a gallon (3.78 liters) of regular gasoline was $4.17, according to the American Automobile Association (AAA), which tracks gasoline prices daily. This represents a decrease of 12 cents from the same period last week and 23 cents from the previous month.
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For comparison, prices were $3.04 a year ago at the same time and $2.98 on Feb. 28, when the United States and Israel first struck Iran.
Diesel fuel prices remain high at $6.29 per gallon, but that’s down 6 cents from the same time last week. Diesel prices climbed above $6 a gallon for the first time in September before plateauing at $6.53.
The average gasoline price during President Donald Trump’s second term is expected to exceed $3.46 a gallon on Monday, surpassing the previous record for a presidential administration set under former President Joe Biden, according to a Financial Times analysis of federal data.
Oil prices continue to slide, down 6 percent on Monday, as diplomatic efforts to end the US-Israeli war with Iran continue following in-person talks in Qatar this weekend.
“Oil markets fell significantly this morning after Trump signaled he favored negotiations and not further attacks on Iran,” Patrick De Haan, head of oil analysis at GasBuddy, said in an article on of a change of direction.”
Cost of living issues remain top of mind for American voters as they head to the polls. An Associated Press-NORC poll last month found that a majority of Americans think addressing cost-of-living issues should be a priority for Congress, including 78 percent of Republicans and 89 percent of Democrats.
“Once this conflict ends, gas prices will drop significantly and the Iranian terrorist regime will no longer have nuclear weapons,” White House spokesperson Taylor Rogers told Al Jazeera. “Protecting America’s national security from threats from a radical terrorist regime that has been chanting “Death to America” for 47 years was the right thing to do – and President Trump is the only president who had the courage to do it. »
Rogers added: “Thanks to the exceptional work of the U.S. military, more oil is now flowing out of the Persian Gulf than before the Iranian conflict began. »
On Wall Street, shares of oil and gas giants were down at midday. ConocoPhillips was down 3.7 percent, Chevron was down 2.3 percent and ExxonMobil was down 3.3 percent.
The main American indices were more broadly in positive territory. The Nasdaq rose 0.7 percent, the S&P 500 rose 0.6 percent and the Dow Jones Industrial Average rose 1 percent.
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