Consumers across party lines are fed up with high gas prices

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A gallon of unleaded gas costs 40% more today than it did last year. A gallon of diesel is running nearly 75% higher.

As for Americans’ optimism about the economy 11 days before the midterm elections? That’s nearly running on empty.

High gas prices and years of persistently elevated inflation continue to drag down US consumer sentiment to historically low levels, new data showed Friday.

The University of Michigan’s October consumer sentiment index was the second lowest on records that go back to 1978. The record low of 44.8 was set in May , a month that saw the national average for a gallon of unleaded hit a four-year high of $4.56 because of oil supply shocks stemming from the war with Iran.

Five months later, those weekly trips to the gas pumps aren’t feeling much better:

A gallon of regular unleaded is averaging $4.29 nationwide and costs 40% more than it did in October 2025.

Refinery troubles have caused stunning increases in fuel prices for Michiganders ($4.77/gallon, up 33 cents since Wednesday), Ohioans ($4.37, a two-day jump of 39 cents), and residents of other Great Lakes states.

Diesel, at $6.32 a gallon, is nearly 75% higher than last year.

Brent crude topped $116 a barrel on Friday for the first time since March and was poised to close at a 4.5-year high.

And there’s not a lot of optimism those numbers will improve.

“There is broad consensus that escalation is coming and that it could diminish flows of oil out of the Middle East,” said Gregory Brew, senior analyst at consulting firm Eurasia Group.

“Right now, a lot of oil is coming out, but it’s expensive,” he added. “There is very little confidence that supply is sustainable.”

Consumer sentiment is now 10% below where it was last year and 15% down from February, before the war began, according to Friday’s report.

Consumers are frustrated that their purchasing power has declined while prices continue to climb higher , said Joanne Hsu, University of Michigan economist and director of the Surveys of Consumers.

In October, 56% of surveyed consumers spontaneously mentioned that higher prices are negatively affecting their personal finances, Hsu said. That share has increased for four months in a row.

“These increases are seen across the political spectrum, with Republicans exhibiting the largest proportional rise,” Hsu said in a statement. “Similarly, consumers with no stock holdings or very small holdings also report increased concerns over the effect of high prices on their personal finances over the course of the year.”

Consumers with the largest stock holdings, however, reported little change in the burden of high prices since February, she added.

And the recent hike in interest rates is starting to play a factor as well, she said, noting homebuying conditions “plummeted,” with 85% of surveyed consumers saying it’s a bad time to buy a home.

The latest survey also showed that consumers expect inflation to remain high in the months and years to come.

Year-ahead inflation expectations ticked up to 4.7% from 4.6% and moving even further from the 3.4% seen in February before the US-Israeli strikes on Iran.

Long-run expectations moved higher to 3.5% from 3.4%.

Consumers’ expectations about the pace of future price hikes are closely tracked by the Federal Reserve. If people believe that prices will only continue to rise, they might spend more now and demand higher wages, and businesses might raise prices to accommodate higher demand and wages – thus raising inflation.

The Fed’s rate-setting committee meets next week, with a decision expected Wednesday at 2 p.m. ET., its last move on borrowing costs before the midterms.

乔·雷德尔/盖蒂图片社

如今，一加仑无铅汽油的价格比去年上涨了40%。一加仑柴油的价格则上涨了近75%。

至于中期选举前11天，美国人对经济的乐观情绪？几乎已经耗尽。

周五公布的新数据显示，高油价和多年持续高企的通货膨胀继续将美国消费者信心拉低至历史低位。

密歇根大学10月份的消费者信心指数创下自1978年有记录以来的第二低点。该指数的历史最低点为44.8，出现在5月份。当月，由于伊朗战争引发的石油供应冲击，无铅汽油的全国平均价格达到了每加仑4.56美元的四年高点。

五个月过去了，每周去加油站加油的麻烦并没有减轻多少：

全国普通无铅汽油一加仑平均售价为 4.29 美元，比 2025 年 10 月的价格上涨了 40%。

炼油厂的困境导致密歇根州居民（每加仑 4.77 美元，比周三上涨 33 美分）、俄亥俄州居民（每加仑 4.37 美元，两天内上涨 39 美分）以及其他五大湖州居民的燃油价格大幅上涨。

柴油价格为每加仑 6.32 美元，比去年上涨了近 75%。

布伦特原油价格周五突破每桶 116 美元，创下 3 月以来的新高，并有望收于 4.5 年来的最高点。

而且人们并不乐观地认为这些数字会有所改善。

“人们普遍认为局势即将升级，这可能会减少中东的石油出口，”欧亚集团咨询公司高级分析师格雷戈里·布鲁表示。

他补充说：“目前石油产量很大，但价格昂贵。人们对石油供应的可持续性缺乏信心。”

根据周五发布的报告，消费者信心指数目前比去年同期下降了 10%，比战争爆发前的 2 月份下降了 15%。

密歇根大学经济学家兼消费者调查主任 Joanne Hsu 表示，消费者感到沮丧的是，他们的购买力下降了，而物价却持续上涨。

许女士表示，10月份的调查显示，56%的受访消费者主动提到物价上涨对他们的个人财务状况产生了负面影响。这一比例已连续四个月上升。

“这些增长趋势遍及各个政治派别，其中共和党人的增幅最大，”许在一份声明中表示。“同样，那些没有股票持有量或持有量极少的消费者也表示，他们越来越担心高物价会在今年对他们的个人财务造成影响。”

她补充说，不过，持有股票最多的消费者表示，自 2 月份以来，高物价带来的负担几乎没有变化。

她表示，最近利率的上涨也开始产生影响，并指出购房条件“急剧恶化”，85%的受访消费者表示现在是购房的好时机。

最新调查还显示，消费者预计未来几个月甚至几年内通胀将居高不下。

未来一年的通胀预期从 4.6% 小幅上调至 4.7%，进一步高于 2 月份美国和以色列对伊朗发动袭击之前的 3.4%。

长期预期从 3.4% 上调至 3.5%。

美联储密切关注消费者对未来物价上涨速度的预期。如果人们认为物价只会持续上涨，他们现在可能会增加支出并要求更高的工资，而企业可能会提高价格以满足更高的需求和工资——从而推高通货膨胀。

美联储利率制定委员会将于下周召开会议，预计将于美国东部时间周三下午 2 点做出决定，这将是中期选举前美联储对借贷成本的最后一次举措。