Full Breakdown
Trump Administration Faces Pressure as Gas Prices Near Biden Record Amid Iran Conflict
5/23/2026, 4:33:57 AM
Rising Gas Prices Threaten Biden Record
Regular gasoline averages $4.55-$4.56 per gallon (AAA, GasBuddy, Politico), approaching the $5.02 per-gallon peak set in June 2022 under President Joe Biden. The rise follows the Iran-U.S. war, which has intermittently shut the Strait of Hormuz—a conduit for 20-25 % of global oil.
Official Statements and Responses
Spokesperson Taylor Rogers called reports of “freaked-out” staff “false,” saying the president anticipated short-term market shocks and implemented a plan that includes Strategic Petroleum Reserve releases, expanded drilling, the Defense Production Act, and a proposal to suspend the 18-cent federal gasoline tax. Energy Secretary Chris Wright told a Senate committee that prices had peaked a week earlier and were about $1 per gallon below the 2022 high. A senior White House official said voters trust the president on energy issues and that short-term pain is justified for long-term stability as bond yields rise.
Criticism and Opposition
Former Trump energy advisers warned that “there is definitely a concern of just not gas, but everything,” citing higher inflation and rising meat prices. Analyst Patrick de Haan said continued Strait closure could push gasoline above $5 by July 4. Republican strategist Doug Heye argued voters care more about everyday costs than the SAVE America Act, and JP Morgan analysts said a $5-per-gallon price “can no longer be dismissed.”
Conflicting Reports and Gaps
Politico sources claim White House staff are “absolutely, totally freaked” about bond yields and gas prices, while spokesperson Taylor Rogers denies any surprise. Reported gasoline prices differ by a few cents ($4.55 vs. $4.56). The timeline for reopening the Strait of Hormuz remains uncertain, and the durability of policy levers such as SPR drawdowns and drilling expansions is not quantified.
Verbatim Quotes
- “The White House staff is absolutely, totally freaked about bond yields and gas prices,” — Unnamed source, close to the White House (Politico)
- “Obviously, everyone’s stressed about gas prices and looking for levers to pull.” — Former Trump energy adviser (Independent)
- “If we get into the heart of the summer driving season and the strait is closed, there’s going to be a lot more pressure,” — Patrick de Haan, petroleum analyst, GasBuddy (Politico)
- “I’m in no hurry,” — President Donald Trump (Politico)
Outlook: Midterms and Policy Options
Analysts expect that if the Strait stays closed through June, gasoline could exceed $5 by early July, a development likely to shape the November midterm elections. The administration is weighing further SPR releases, a possible suspension of the 18-cent gas tax, and expanded drilling, all requiring congressional approval. Voter concerns over fuel costs and inflation may affect Republican prospects and the president’s legislative agenda.
