Why has President Trump expressed concern over rising gasoline prices?

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President Trump's Concerns Over Rising Gasoline Prices

President Donald Trump has voiced concerns regarding the escalating cost of gasoline, primarily due to its impact on consumers and its potential repercussions for the upcoming midterm elections. This concern has led him to publicly scrutinize the oil industry and initiate investigations into alleged price gouging.
Impact on Consumers and Electoral Concerns

Rising gasoline prices are placing a significant strain on consumers, a factor that exacerbates President Trump's anxieties about the November midterm elections. Polling data indicates that Trump is increasingly vulnerable on economic issues, with approximately two-thirds of voters believing his policies have negatively affected economic conditions. The urgency to lower fuel costs before the elections is a high priority, prompting numerous White House discussions on the matter.
Scrutiny of the Oil Industry

In response to the elevated prices, President Trump announced in June that he had directed the Department of Justice to investigate any instances of "gouging" by the oil industry. He has publicly questioned the industry's pricing strategies, particularly noting that gasoline prices had not decreased more substantially even when a US-Iran ceasefire led to a notable drop in crude oil prices. On Thursday, US gasoline prices were recorded at US$4.10 per gallon, representing an approximate 31 percent increase compared to the previous year.
Broader Economic Context and Industry Profits

The surge in oil company profits, with major players like ExxonMobil and Chevron set to report substantial earnings, occurs concurrently with these consumer and political pressures. While these profit increases are largely attributed to market conditions, including the impact of the US-Iran crisis on crude prices and refining margins, they also draw criticism. For instance, NGOs like Oxfam have highlighted the disparity between these record profits and the public's financial struggles, advocating for windfall profit taxes.

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Why has President Trump expressed concern over rising gasoline prices?

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