The average price Americans have paid for gasoline during President Donald Trump's second term has now surpassed the average recorded during Joe Biden's presidency, marking a politically significant milestone just days before the November 3 midterm elections. According to AAA data cited by Reuters, regular gasoline has averaged $3.472 per gallon since Trump returned to office in January 2025, compared with $3.471 during Biden's four-year presidency. The difference is marginal, but it represents a striking reversal for a president who campaigned…
Refining & Products Context
Downstream margins — or crack spreads — have experienced considerable volatility as refinery operators navigate feedstock cost fluctuations, product demand seasonality, and evolving fuel specifications. Gasoline and distillate margins serve as key profitability levers for integrated refiners.
Refinery utilization rates, particularly in the U.S. Gulf Coast and Northwest European hubs, directly influence product availability and pricing. Unplanned outages, scheduled turnarounds, and weather-related disruptions are recurring factors that tighten regional product supply.
What to Watch
Key metrics to watch include refinery utilization rates, weekly distillate inventory builds or draws, and crack spread movements, which serve as real-time indicators of refining profitability across major processing hubs.
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