Gasoline prices and congressional elections
Any big jumps in oil prices herald an increase in gasoline prices, one of the most visible signs of inflation for US voters, that could hurt Democrats’ chances in the midterm elections.
Oil prices fell, today, Wednesday, after a two-day rise before the “OPEC +” meeting, in which the alliance may agree on the largest production cut since 2020 to revive declining prices.
US National Security Council spokeswoman Adrian Watson said, “We will not comment on any OPEC action until it takes it, of course we always talk to all producers and consumers, including members of “OPEC +”, and we have made it clear repeatedly that energy supplies must meet demand to support growth. We will continue to talk to our partners about it and reduce prices for consumers around the world.”
US President Biden has been striving throughout the year to bring down gasoline prices, which saw a sudden rise, but gradually fell in what the Biden administration described as a major achievement.
Gasoline prices at American car fuel stations fell by 24% thanks to the decline in crude oil prices after hitting a record in June exceeding $5 a gallon, but they are already rising and before “OPEC +” considers reducing production.