‘Nothing worse’: Energy prices are closing in on GOP’s midterm chances

Full Post
Relentlessly rising fuel costs are feeding inflation and threatening Republican reelection chances.

President Donald Trump’s war in the Middle East for months has thwarted GOP plans to run on pocketbook issues this fall.

Now, with the midterm elections mere weeks away, it’s likely too late to stem the political fallout from the sustained grind of expensive energy bills that threaten to spread to other consumer prices.

More than six months into the war, the White House has no clear way to tame crude prices — which topped $100 a barrel Wednesday for the global Brent benchmark — or the diesel prices that started breaking national records last week, analysts said. While prices for gasoline and oil hit higher peaks in 2022, the pain from energy costs has become a persistent drain on voters’ wallets and could soon lead to an increase in their borrowing costs.

In the meantime, higher energy prices and tariffs are hitting GOP candidates in Michigan, Maine and Iowa particularly hard, said Republican campaign strategist Alfredo Rodriguez. Voters tend to have short-term memories, but gas station signs offer plenty of reminders, he said.

Read now
‘Nothing worse’: Energy prices are closing in on GOP’s midterm chances

Timeframe

Add to calendar

Location

No items found.

Connect

No items found.

Sponsored

PEP Library

Explore Our Latest Insights

Visit page
Visit Library post
Relentlessly rising fuel costs are feeding inflation and threatening Republican reelection chances.
Visit page
Visit Library post
Chevron and SLB have signed major Venezuela oil deals, but political uncertainty and financial risks are keeping smaller Houston firms on the sidelines.
Visit page
Visit Library post
The oil outlook has shifted from potential surplus to sustained tightness—and Dan Pickering does not expect a quick return to the market that existed before the fighting in Iran began earlier this year.
Visit page
Visit Library post
Visit page
Visit Library post
Visit page
Visit Library post
Visit page
Visit Library post
US maritime patrols are shifting control of the Strait of Hormuz, as vessels increasingly use the Omani route despite continued threats from Iran.
Visit page
Visit Library post
Iran’s proposed Strait of Hormuz fee system could generate billions annually, reshape Gulf security, and permanently alter global energy markets.
Visit page
Visit Library post
We are enthusiastic dip buyers, while refusing to be rally sellers.
Visit page
Visit Library post
Visit page
Visit Library post
Oil and gas companies are expected to report enormous profit growth as the war in Iran drives energy prices higher, but their stocks continue to underperform because investors question whether those gains will last. Political sensitivity and uncertainty around oil prices may also make companies reluctant to immediately increase dividends or stock buybacks.
Visit page
Visit Library post
President Trump initially celebrated rising oil prices because they boosted U.S. energy profits. However, after the Iran war pushed crude prices from roughly $66 to an average of $95 per barrel between March and June, oil companies and their allies are now poised to receive major financial gains. The situation has become politically inconvenient for Trump, who is no longer pleased with the consequences of the price surge.
Visit page
Visit Library post
Iran’s renewed threat to the Strait of Hormuz leaves Trump facing a stark choice as oil reserves shrink, fuel prices rise, and the conflict escalates.
Visit page
Visit Library post
Oil prices climb as cracks in the U.S.-Iran cease-fire, renewed Hormuz tensions, and potential strikes revive volatility in global energy markets.
Visit page
Visit Library post
Voting machine vs. weighing machine. The voting machine is winning.
Ready to get started?
Contact our specialized teams at PEP for more information.