Yes, Today’s Gas Prices Are ‘Peanuts’

In this Issues & Insights article, the editorial board argues that media and Democratic outrage over President Trump’s “peanuts” comment ignores both the context of his Iran remarks and the inflation-adjusted history of gasoline prices.

• The article says Democrats accused Trump of being “out of touch” after he said gasoline prices were “peanuts,” but argues his remark was about gas prices compared with the far greater danger of Iran obtaining a nuclear weapon.
• The piece criticizes media headlines about “soaring” fuel costs and “sticker shock,” claiming they present gas prices without the crucial context of inflation.
• Issues & Insights notes that the national average is around $4.60 per gallon, making fill-ups expensive for ordinary Americans, but says that figure is less alarming when compared with past prices in today’s dollars.
• The article claims inflation-adjusted gas prices reached $5.79 per gallon under Joe Biden in June 2022.
• It also argues that gasoline was more expensive in real terms through much of Barack Obama’s presidency, citing an average inflation-adjusted price of $4.39 during his two terms.
• The editorial says today’s prices are also lower than during much of George W. Bush’s second term and Jimmy Carter’s stagflation era.
• The article frames current higher prices as tied to the Iran war and argues that the stakes of preventing Iran from obtaining nuclear weapons outweigh temporary pain at the pump.
• Issues & Insights previews an upcoming I&I/TIPP poll suggesting Americans are divided between prioritizing lower gas prices and confronting Iran.
• The piece concludes by predicting that the Iran war will end, Iran will not get nuclear weapons, and gas prices will fall sharply afterward.

Read the full story: https://issuesinsights.com/2026/05/26/yes-todays-gas-prices-are-peanuts/