Crude oil prices are expecting higher and trading above the $80 level. The current price is trading at $80.67 up $4.57 or 6.02%. The high price just spiked to $81. That move took the price above the high price reached in January 2025 at the start of the Trump term. That high in January 2025 topped out at $80.73.
For the week, the price is up nearly 20% as the impact from the war in Iran lingers.
Gasoline prices are a political wildcard. Solving problems can create bigger problems, and gasoline prices are a big problem politically.
The average gasoline price during the Biden presidency (2021–2025) was roughly around $3.40–$3.50 per gallon nationally when averaging prices across the full term.
Approximate average prices by year were:
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2021: about $3.01 per gallon
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2022: about $3.95 per gallon (the spike year when prices briefly exceeded $5 in some areas)
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2023: about $3.52 per gallon
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2024: about $3.30–$3.40 per gallon
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2025: about $3.10 per gallon
Taken together, those yearly averages place the overall average gasoline price during Biden’s presidency in the mid-$3 range. Prices peaked in 2022 during the global energy shock following the Russia–Ukraine war and then gradually moderated in the following years as supply conditions improved.
According to AAA, the today’s national average for a gallon of regular gas is at $3.25. That is up from $2.89 a month ago and $3.10 from a year ago. Prices at the pump are no longer that much different than at the end of the Biden term.
Stocks are moving lower with the
- NASDAQ now down -1.2%,
- S&P down -1.29% and the
- Dow Industrial Average down -2.07%
The small-cap Russell 2000 is trading down -2.61%.
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