For the first time in American history, the average gas price held above $4 on Election Day. Both diesel and gas prices dropped this week but remain high year over year.

President Trump has made multiple attempts in the past month to lower fuel prices, but this is the first week prices have shown any downward movement. Trump previously said his actions would drop prices much faster leading up to the midterm elections.

“Between our total control of the Strait of Hormuz, and this great announcement on Russian Energy, Diesel Prices for Americans and, indeed, the World, will be coming down, in record numbers, and fast!” he wrote last month. “Lower prices for Americans, especially our Great Farmers, Ranchers, and Truckers, is my Greatest Priority.”

Meanwhile, the Strait of Hormuz conflict doesn’t seem any closer to ending. On November 2, U.S. officials announced defensive strikes on Iranian targets in the Strait of Hormuz. The renewed violence contradicts Vice President Vance’s recent attempts to revive peace talks with Iran. 

The outcome of the midterm elections could significantly affect the conflict with Iran and, consequently, fuel prices. Experts are speculating that, without the threat of midterms over his head, Trump could lean back into violence against Iran, regardless of the Republican Party's loss. Only time will tell. 

The national average on-highway diesel prices dropped 6 cents to $6.292, according to data released by the U.S. Energy Information Administration (EIA) on November 3. Gas prices dropped 12 cents to $4.153. Compared to last year, diesel prices are up $2.539, and gas prices are up $1.134.

What are the current diesel prices across the U.S?

Here are this week’s diesel price highlights from each region of the U.S.:

• Midwest: The biggest drop in diesel prices this week occurred in the Midwest for 8 cents to $6.402. 
• Rocky Mountain: In the Rockies, diesel prices dropped 8 cents to $6.445.
• West Coast: Along the West Coast, diesel prices dropped 6 cents to $7.272. Without including California, diesel prices dropped 4 cents to $6.575.
• East Coast: Along the East Coast, diesel prices dropped 5 cents to $6.025.
• Gulf Coast: Along the Gulf Coast, diesel prices dropped 4 cents to $5.912.

According to AAA Motor Club (AAA), the current national average diesel price is $6.288. This is 0.4 cents lower than EIA’s current estimate and $2.608 higher than this time last year.

What are the current gasoline prices across the U.S.?

The current national average on-highway gasoline price is $4.153, according to EIA, down 12 cents from last week’s average. 

Here are this week’s gasoline price highlights from each region of the U.S.:

• Rocky Mountain: The biggest drop in gasoline prices this week occurred in the Rockies for 25 cents to $4.213. 
• Midwest: In the Midwest, gas prices dropped 17 cents to $4.102.
• West Coast: Along the West Coast, gas prices dropped 12 cents to $5.296. Without including California, gas prices dropped 10 cents to $4.771.
• East Coast: Along the East Coast, gas prices dropped 9 cents to $3.936
• Gulf Coast: Along the Gulf Coast, gas prices dropped 7 cents to $3.636.

According to AAA, the current national gasoline price average is $4.149. This is 0.4 cents lower than EIA’s current estimate and $1.113 higher than this time last year.