A majority of Americans blame President Donald Trump for the recent rise in gasoline prices, according to a new poll.
The survey, conducted by Reuters/Ipsos, found that respondents linked higher fuel costs to federal policy decisions as well as broader economic conditions. It showed that gasoline prices remain one of the most closely watched indicators of inflation in the U.S. given their direct impact on everyday expenses such as commuting, travel and household budgets.
Concretely, 77% of registered voters said Trump has at least a fair amount of responsibility for the rise in gas prices, which have jumped after the war in Iran began. The figure includes 55% of Republicans and 82% of independents. Almost all respondents who identified as Democrats (95%) said Trump is to blame for it.
Elsewhere, 77% of respondents said they see current fuel prices as a very big concern. "Trump has made affordability and bringing down prices a cornerstone of the Make America Great Again movement, and with costs going up in the country, that is a hard circle to square, messaging wise," Erin Maguire, a Republican strategist, told Reuters.
Fuel prices in the U.S. are influenced by multiple factors, including global crude oil movements, refinery output and domestic demand.
The price of Brent crude oil continued to rise on Thursday as the Strait of Hormuz remains closed and negotiations between the U.S. and Iran is still deadlocked. The international benchmark stood at $104 on Friday without clear signs that the conflict could reach a solution soon.
Gasoline is a key component in U.S. inflation data due to its weighting in consumer price measures. The U.S. Bureau of Labor Statistics includes fuel costs in its consumer price index, where changes in energy prices can affect overall inflation readings.
In fact, economists have raised their estimates for U.S. inflation and reduced expectations for interest rate cuts, according to another survey.
They now see the personal consumption expenditures price index clocking in at 3.6% in the second quarter, Bloomberg's April survey of economists noted. The figure is a 0.3 point increase compared to the March survey.
In fact, the index picked up sharply in March, driven largely by a surge in energy costs. The Consumer Price Index rose 0.9% in March, according to the US Bureau of Labor Statistics, after increasing 0.3% in February. Prices are now 3.3% higher over the past 12 months, showing that inflation remains above the Fed's historical benchmark rate despite cooling from earlier peaks.
The main driver of the increase was energy, which rose 10.9% in March. Gasoline prices alone surged 21.2%, accounting for most of the monthly rise in the overall index. Fuel oil also jumped sharply, while electricity recorded a smaller increase. On a yearly basis, energy prices are up 12.5%, with gasoline still nearly 19% higher than a year ago.
