Gasoline Up 34% and Heating Oil Up 74% as Voters Head to the Midterms
Chevron Profits Nearly Triple to $9.9 Billion Haley Zaremba is an energy journalist and researcher with more than a decade of professional experience covering global energy systems, land and natural resources, and… The results of the upcoming midterm elections will reveal just how much power global energy markets have over state-level politics – and how much changing political regimes can cost the global energy sector in return.
As voters head to the polls, energy prices are blisteringly high.
As of Monday, average gasoline prices in the United States officially edged higher than at any point of Joe Biden’s presidential term, according to a Politicoanalysisof AAA figures.
This could pose a major threat to the Trump administration as well as incumbent gubernatorial and congressional candidates, astrust erodes between current leaders and their cash-strapped constituents.
TheOctober 14 Consumer Price Indexshowed that overall, prices for goods and services across the United States have risen 3.7 percent over the last 12 months, exacerbated by massive increases in energy costs.
Gasoline shot up a punishing 34.2 percent and fuel oil (primarily used by consumers in residential heating) has skyrocketed 74.2 percent, driven in large part by oil and gas trade disruptions stemming from the United States and Israel’s war in Iran.
“That paints a dreary picture for Americans struggling with high costs, who likely won't feel any relief at the pump in the near future — especially as more potential military action looms [in Iran],” Business Insiderreportedon Monday.
“For everyday Americans, all of these international strains amount to what is, essentially, a pay cut,” the article goes on to say.
“Wage growth remains slow and steady, but, over the past few months, rising prices have outpaced pay increases.” This struggle is not specific to the Trump administration, however.
Historically, world leaders have had their political agendas shifted and undermined by oil and gas market forces far outside their control, in an effect European Central Bank official Isabel Schnabelnamed“fossilflation.” But it’s not just the politicians that need to be worried about energy markets, energy markets also, increasingly, need to fear politicians.
As noted by the Atlantic Council in areporton United States energy policy published earlier this week, “political volatility has become an energy cost” as each regime change has thrown out and overhauled the energy progress of its predecessor over the last several federal election cycles.
“Technology-specific incentives amplify that cycle,” notes the Atlantic Council.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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