Bloomberg commodities columnist Javier Blas stated on October 20th that for Trump, gasoline prices are a bigger political issue ahead of the midterm elections than diesel prices, both politically and economically.
According to a rough rule of thumb, the price of New York gasoline futures (in dollars per gallon) plus about $1 roughly corresponds to the average retail gasoline price across the United States.
If this pattern holds true, and wholesale market prices continue to move in this direction for several days, then U.S. retail gasoline prices will likely fall towards $4 per gallon. Gasoline wholesale prices fell to their lowest level in two and a half months on the 20th, so it wouldn't be surprising if Trump started loudly complaining that major oil companies weren't cutting prices fast enough and failing to lower retail prices in a timely manner.
