Fuel costs remain a major concern for voters heading into the midterms, though President Donald Trump recently argued that current pump prices pale in comparison to those seen during past Democratic administrations.
Speaking at a political rally in Perry, Georgia, Trump noted that the national average stood at $4.42 per gallon, assuring the crowd that rates would soon decline. Addressing the crowd on October 24, he defended his economic record, stating, “What we’ve done for this country — we’re making money like this country has never made before… You know, you’re still paying lower than (under) Biden and Obama.”
This claim, however, oversimplifies a complex issue. A comprehensive evaluation requires looking at nominal prices, the duration of price spikes, and the overall impact on household budgets.
Examining raw, unadjusted numbers at the pump reveals that Trump’s assertion does not entirely hold up. The current $4.42 national average exceeds any recorded daily average throughout Barack Obama’s presidency. While Joe Biden’s administration saw a record-breaking peak of $5 per gallon, those extreme prices were relatively short-lived. In fact, for roughly 94% of Biden’s time in office, fuel was cheaper than the current $4.42 rate.
At the same time, evaluating costs over a span of many years demands factoring in inflation. Alternative economic assessments indicate that, relative to disposable income, Americans currently spend a smaller portion of their earnings on fuel than they did for the majority of the Obama and Biden years.
Examining Peak Fuel Costs
Analyzing the highest recorded price under each president provides one lens for comparison. Obama’s highest national average reached $4.17 per gallon—lower than Trump’s current $4.42. By this metric alone, Trump’s comparison to Obama falls short. Meanwhile, Trump’s own second-term figures peaked at $4.50 in mid-May.
Biden’s peak hit $5 per gallon in the wake of Russia’s 2022 invasion of Ukraine, which severely disrupted global energy markets. Consequently, a direct peak-to-peak comparison shows that fuel was indeed more expensive at its absolute highest under Biden than it is currently under Trump.
Duration of Elevated Prices
Focusing solely on peak numbers overlooks how long consumers actually dealt with high costs. By this measure, elevated prices have persisted longer during Trump’s current term.
Since the beginning of April—coinciding with the start of the Iraq conflict—national averages under Trump have not dropped below $3.78 a gallon, remaining over the $4 threshold for 26 out of the 29 weeks following April. By comparison, Obama’s weekly averages exceeded $4 roughly 7% of the time he was in office, whereas Trump has spent over 30% of his second term above that mark.
Although Biden presided over the historic $5 peak, those rates did not linger. Prices stayed above $4 for approximately five months, or about 11% of his presidency.
Conversely, fuel dropped below $2.50 for about a quarter of Obama’s tenure and roughly 1% of Biden’s. Trump’s current term has not seen prices fall that low, though such figures were reached during his first term amid pandemic-related travel restrictions.
The Impact of Inflation
Defending the administration’s stance, the White House pointed to inflation-adjusted figures using the Consumer Price Index (CPI), suggesting that fuel cost more in real terms under both predecessor administrations.
While adjusting for inflation is standard practice when comparing historical costs, applying the CPI to gasoline presents challenges because fuel itself is a primary driver of overall inflation. This creates an overlapping effect that complicates standard adjustments.
To establish a clearer economic picture, analysts evaluated the weekly financial burden of purchasing a standard amount of fuel—specifically 10 gallons, matching typical weekly consumer habits according to GasBuddy. Using per capita disposable personal income data from the Bureau of Economic Analysis (which accounts for wages, government transfers, and taxes), researchers calculated the percentage of weekly income required to buy that fuel.
While this metric is not flawless—national income averages can be skewed by significant wealth growth among top earners—it mirrors the general trend shown by traditional inflation adjustments.
Data from the second quarter of 2026 indicates that weekly fuel purchases currently consume a smaller percentage of disposable income than they did during seven of the eight years Obama was in office, as well as three of Biden’s four years. However, Trump’s statement overlooks the fact that the financial burden in mid-2026 is actually higher than it was during Biden’s final year in office in 2024.
Our Assessment
Trump claimed that current pump prices mean citizens “are still paying lower than (under) Biden and Obama.”
Looking at the current $4.42 national average without accounting for inflation, the comparison to Obama is inaccurate, as Obama’s prices never exceeded $4.17. While Biden oversaw a higher peak of $5 per gallon, those rates remained above $4 for only about 11% of his term, whereas Trump’s averages have stayed above that level for the majority of the past seven months.
However, when measuring affordability relative to household income, today’s prices take up a smaller share of weekly earnings than they did for the vast majority of Obama’s presidency and the majority of Biden’s.
Because the statement contains a kernel of truth but leaves out crucial context and comparisons, it is rated as Half True.