Asger Risom
Trump allies are reportedly growing anxious that U.S. gas prices could surpass the Biden-era record of $5.02 per gallon, as the Iran war and rising bond yields fuel broader fears over consumer costs ahead of the midterms.
The White House is reportedly growing increasingly concerned that U.S. gas prices could soon surpass the politically symbolic $5-per-gallon mark reached during Joe Biden’s presidency, as the ongoing Iran war continues to pressure global energy markets.
According to Politico, administration officials and former Trump advisers fear a new record at the pump would undermine one of Donald Trump’s most frequently used economic talking points ahead of the midterm elections.
Symbolic number
National average gas prices climbed to roughly $4.56 per gallon this week, up more than $1.50 since the Iran conflict began and around 50 cents higher than a month ago.
Several current and former Trump allies told Politico the administration views Biden’s 2022 peak of $5.02 per gallon as a politically damaging benchmark that Trump repeatedly used to criticize his predecessor’s economic management.
“The White House staff is absolutely, totally freaked about bond yields and gas prices,” one source close to the administration told the outlet.
Another former Trump energy adviser described the situation as a “freak out,” warning there are limited policy options available if prices continue rising through the summer.
Iran pressure
Much of the market anxiety centers around the Strait of Hormuz, a critical shipping route that handles roughly 20% of global oil and gas supplies.
Analysts warned that if disruptions continue into peak summer driving season, prices could exceed Biden-era highs by July 4.
Patrick De Haan, head of petroleum analysis at GasBuddy, told Politico that shrinking fuel inventories and rising seasonal demand are creating additional upward pressure.
“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,” he said.
The administration has attempted to frame higher energy prices as temporary fallout from a broader geopolitical strategy against Iran.
White House spokesperson Taylor Rogers rejected suggestions the administration had been caught off guard, saying Trump’s team anticipated “short-term market disruptions.”
Beyond gasoline
Concerns inside Republican circles reportedly extend beyond fuel prices alone.
Politico reported that rising Treasury yields are also alarming Trump allies, as higher borrowing costs could raise mortgage rates, credit card interest and auto loan costs for consumers already facing affordability pressures.
The yield on the 30-year Treasury recently climbed to levels not seen since before the 2008 financial crisis.
At the same time, inflation pressures tied to food, housing and energy continue to dominate voter concerns heading into the 2026 midterms.
Trump has publicly downplayed the political risk, telling reporters this week he was “in no hurry” to finalize a deal with Iran despite rising fuel prices, as his approval rating has taken a sharp dive.
Still, Republicans quoted in the report warned that voters are increasingly focused on everyday costs rather than broader political messaging.
“The reality is, no voter is talking about the SAVE Act,” Republican strategist Doug Heye told Politico. “They know what the cost of lettuce is. They know what the cost of gasoline is.”
Sources: Politico, GasBuddy, JPMorgan
