Trump's Quest to Lower Gas Prices Ahead of Midterms Is Not Going Great

Key Points:

• President Donald Trump is promising voters that gas prices will soon decrease, but current global conflicts and market trends suggest otherwise, with U.S. gas prices averaging $4.36 per gallon as of Sunday, up from $3.09 last year.
• Trump recently suspended fuel export sanctions on Russia to increase diesel supply and lower prices, a move that drew skepticism, especially as Ukraine subsequently struck a Russian oil depot.
• Trump announced an "ENERGY CEASEFIRE" between Russia and Ukraine on social media, but Ukrainian President Zelenskyy denied knowledge of such a deal, noting ongoing Russian attacks.
• Oil supply disruptions continue in the Strait of Hormuz after an oil tanker hit a mine and caught fire, while Iran-backed Houthi rebels have escalated attacks on Saudi oil infrastructure, including a deadly airport assault killing 12 people.
• Given the expanding conflicts and geopolitical tensions affecting key oil shipping routes, it appears unlikely that gas prices will drop significantly before the November midterm elections.