Record-High Fuel Costs Threaten Republican Midterm Prospects
Donald Trump faces voters on Tuesday with a projected record-high gasoline price of 3.46 dollars per gallon across his presidential term, according to a Financial Times analysis reported by Børsen.no. That projected average outpaces the peak recorded during Joe Biden’s presidency. Fuel prices have climbed sharply following military actions against Iran in February. Jason Bordoff, head of Columbia University’s Center on Global Energy, told the publication that these energy costs stem from self-inflicted wounds by the administration.
Inflation figures for September show price growth holding at 3.6 percent, an increase of one percentage point from when Trump entered office. Bob McNally, a former energy adviser to George W. Bush, described the rapid fuel price growth as an unconsented tax hike that Congress never voted on. As the administration nears the two-year mark of the current term, the outcome of Tuesday's vote will determine the political influence Trump maintains for his remaining time in the White House.
Economists Blame Trump Policies for Political Crisis
Kyrre M. Knudsen, chief economist at Sparebank 1 Sør-Norge, told Børsen.no that the crisis facing Republicans is largely self-made. Knudsen noted that Trump is paying a political price for his Middle East policies.
Anthony Scaramucci, who served briefly as White House press secretary in 2017, offered an even bleaker assessment of the administration’s electoral standing in an appearance on CNBC’s “Squawk Box Europe,” as reported by Finansavisen. Scaramucci argued that Trump failed to deliver on promises to lower living costs, end ongoing conflicts, and release Epstein documents, leaving many MAGA supporters disillusioned. Finansavisen also noted that CNBC’s “All-America Economic Survey” found 65 percent of respondents disapproved of Trump’s economic management in October, with 80 percent describing the economy as mediocre or poor. The White House has previously stated that Scaramucci’s relevance ended nearly a decade ago. Regarding foreign policy, Scaramucci expressed pessimism toward diplomatic breakthroughs with Iran, stating, “I see no consensus among the Iranians, the Israelis, and the Americans on a negotiated solution right now.”
Unfulfilled Economic Promises Shape the Vote
Voter frustration centers heavily on unfulfilled economic pledges, as detailed by CNN reporting covered by Nettavisen. Electricity costs have similarly climbed, with kilowatt-hour prices reaching 18.16 cents in August, a 14.1 percent increase since January 2025.
For the 2026 budget year, interest payments reached 1,360 billion dollars, exceeding total defense spending. Nettavisen notes that while overall GDP growth over the past two years has lagged behind the pace set during the Biden administration, two bright spots remain: egg prices have fallen to just over two dollars after nearing five dollars in 2025, and the S&P 500 stock index has climbed over 29 percent since January 2025. During a 2024 rally in Asheville, North Carolina, Trump had assured voters that prices “will go down and they will go down fast.”
Congressional Control Hangs in the Balance
Knudsen told Børsen.no that losing the House would make it more difficult for Trump to introduce new tax cuts. The political stakes are high, as evidenced by recent campaign activity, including Trump greeting Republican gubernatorial candidate Vivek Ramaswamy at the Shoemaker Center in Chillicothe, Ohio, on Wednesday, October 28, 2026.
Frequently Asked Questions About the 2026 Midterms
What is the projected average price of gasoline during Trump’s term?
The Financial Times analysis published by Børsen.no projects the average price will reach 3.46 dollars per gallon, exceeding the peak recorded under Joe Biden.
How much did the U.S. spend on national debt interest in 2026?
According to Reuters data cited by Børsen.no, the U.S. paid 1,360 billion dollars in interest for the 2026 budget year, surpassing total defense spending.
What was the inflation rate in September?
Inflation stood at 3.6 percent in September, marking a one percentage point increase from the rate when Trump assumed office, as reported by Børsen.no.