Trump Defends Economy as High Prices Remain a Concern for Consumers

President Donald Trump is defending his economic record as the midterm elections approach, pointing to new investment while consumers continue to face higher costs for gasoline and other goods.

Trump has been campaigning for Republican candidates and arguing that his economic policies are producing strong results.

“Our country is booming with new investment more than anybody else ever,” Trump said.

But inflation and elevated energy prices remain concerns for consumers.

The national average price for regular gasoline reached about $4.44 per gallon Thursday, according to AAA, up 16 cents from a week earlier and more than $1 higher than a year ago. The national average for diesel reached about $6.40 per gallon, a record high, according to AAA.

Some consumers say higher costs have changed how they spend money.

“We’re not going anywhere,” one consumer said in the NBC report. “Everything’s been cut back a lot.”

Another consumer, truck driver Dorothy McKenzie, said the higher costs are taking a toll.

“This crisis is killing us emotionally, physically and mentally,” McKenzie said.

Democrats are pointing to the cost of living as they criticize the administration’s economic policies. House Democratic Leader Hakeem Jeffries said millions of Americans are struggling to keep up with everyday expenses.

The ongoing conflict with Iran is also contributing to higher energy costs.

A recent Congressional Budget Office analysis found that disruptions to oil and natural gas shipments through the Strait of Hormuz and disruptions to shipping through the Red Sea have increased global energy prices. CBO estimates those higher energy prices will push U.S. inflation 0.5 percentage points higher in the first quarter of 2027 than the agency projected in February.

CBO said higher petroleum prices can also affect the prices of other goods and services because transportation costs are incorporated into the cost of products.

The increase in energy prices has also affected financial markets and consumer costs. Reuters reported Thursday that oil prices remain above $100 a barrel, while rising energy costs are contributing to inflation concerns in the United States and other countries.

Trump has argued that the higher costs are justified by the administration’s efforts to prevent Iran from developing a nuclear weapon.

“It’s a very inexpensive price to pay for what we’ve done,” Trump said.

Republican leaders have also pointed to the conflict as a factor behind the rise in fuel prices.

“Of course gas prices are too high,” House Speaker Mike Johnson said, according to the NBC report. He argued that resolving disruptions connected to the Strait of Hormuz would directly affect prices at the pump.

The conflict began in February and is now in its seventh month. Trump said Wednesday that he hoped the war was nearing an end, although there was no specific timeline for its conclusion.

The economy and cost of living are emerging as significant issues as voters prepare for the November midterm elections, with the two parties offering different explanations for the current price pressures.

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