U.S. Gasoline Prices Hit Record Levels Ahead of Midterm Elections

U.S. gasoline prices have risen sharply ahead of the midterm elections, with the national average for regular gasoline reaching $4.32 per gallon at one point, according to the Energy Information Administration, Ben Werschkul reported for Yahoo Finance.

U.S. gasoline prices have risen sharply in September amid higher crude-oil prices and disruptions to global energy supplies.

The EIA's weekly data show the U.S. average for regular gasoline at $4.32 per gallon for the week of Sept. 14, up from $4.16 the previous week. The agency's historical series dates back to 1990.

The price increase has become an economic and political issue as the Nov. 3 midterm elections approach.

Yahoo Finance's analysis found that the Sept. 14 price was the highest recorded for the comparable point in the election-cycle data it examined.

Gasoline prices have been affected by higher crude-oil prices and disruptions to global energy supplies amid the conflicts involving Iran and Russia and Ukraine.

The EIA's latest data show that the national average for regular gasoline rose further to about $4.48 per gallon for this week.

The increase has also occurred as the Trump administration faces questions about how to limit the impact of higher energy costs on U.S. consumers.

Gasoline prices are closely watched during election campaigns because transportation costs affect household budgets and can also influence the cost of moving goods and services.