In the last couple of weeks oil prices have gone up from about $68 a barrel to (as I write this) almost $87 a barrel.
The reason? The strait of hormuz remains a major issue, the houthi blockade of the red sea artery/Saudi Arabia’s exit to the sea…
…and, of course, President Trump’s resumption of bombing Iran.
How long these factors last will determine how long oil prices (thus gas prices) remain substantially higher.
And substantially higher oil/gas prices can decimate Republican hopes for the midterm elections – not just losing them the House, but maybe the Senate as well.
Even if prices go down, unless Trump can credibly explain the value of what he did – i.e. the reason for those costs – the result might be the same.
What is going to happen and when? No one knows.
Obviously we will be keeping a day-by-day watch on these factors. Because which party controls congress will have a huge effect on a lot more than oil/gas prices.
More on this as it happens.
