&imwidth=800&imheight=600&format=webp&quality=medium "Gas hits $4.50 a gallon as Trump's approval ratings sink to record low ahead of US midterms")
American drivers are paying more than $4.50 a gallon for gasoline for the first time since July 2022, with the national average hitting $4.52 on Wednesday (May 6) morning, according to GasBuddy. This sharp escalation in fuel prices lands directly on the White House's political doorstep just five months before the US Midterm elections, where US President Donald Trump faces a tough challenge. This comes as a new ABC News/Washington Post/Ipsos poll showed that Trump's approval ratings have reached the lowest level of his second term, with Americans voicing growing dissatisfaction over the economy, inflation and the escalating Iran conflict.
US gas prices over $4.5 for the first time in almost 4 years
The surge in gas prices is being driven by ongoing disruptions to global oil flows through the Strait of Hormuz, where the US-Israeli conflict with Iran has rattled energy markets for weeks.
Brent crude benchmark has climbed roughly 58 per cent since the conflict began. According to GasBuddy data, gas prices in the US first crossed the $4 mark in late March. They have accelerated sharply since.
Also read | Strait of Hormuz alert: US reroutes global shipping to Omani waters to avoid Iranian 'minefields'
Why the timing matters
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The timing couldn't be worse politically. Memorial Day weekend, the traditional start of the US summer driving season and historically the moment when fuel prices land hardest in the public consciousness, is just weeks away. Analysts warn that without de-escalation in the region, prices could push toward or beyond the records set during the 2022 energy crisis that followed Russia's invasion of Ukraine.
Oil prices pulled back Tuesday and continued falling Wednesday, with West Texas Intermediate dropping 3.1 per cent to $99.12 a barrel and Brent declining 2.6 per cent to $107.01. But gasoline inventory data suggests the relief may be short-lived.
US gasoline stocks fell by more than 6 million barrels last week to 222.3 million barrels, the lowest level since December and below the five-year seasonal average. Morgan Stanley estimates stocks could drop by 200 million barrels by late August if current trends hold.
Also read | London police form dedicated Jewish protection unit amid 'deeply troubling rise in antisemitic incidents'
Trump's approval ratings fall miserably
A new ABC News/Washington Post/Ipsos survey puts his approval rating at 37 per cent, the lowest of his second term, with 62 per cent disapproving, the highest disapproval rating recorded across both of his presidencies.
The numbers on economic issues are particularly brutal. Around 76 per cent of Americans disapprove of how Trump is handling the cost of living. Some 72 per cent disapprove of his management of inflation, a significant rise from February. Nearly two-thirds, 65 per cent, disapprove of his handling of the economy overall, matching the worst economic ratings ever recorded for Joe Biden in earlier ABC/Post polling.
Personal trust and confidence metrics are also poor. Roughly seven in ten Americans said Trump is not honest or trustworthy. Two-thirds said he does not carefully consider important decisions. About 60 per cent said he lacks the mental sharpness required to serve as president, and 55 per cent questioned his physical fitness for the role. More than half said he is not a strong leader.
On the congressional battlefield, Democrats hold a modest edge. Among registered voters, 49 per cent said they would back a Democratic candidate if elections were held today, compared to 44 per cent for Republicans.
