CONNECT WITH US
Tech

Tech

The Iran War’s Impact on Oil Is Hitting Key Senate Races Hard

Wired logo

Published on

Add as a preferred source on Google
The Iran War’s Impact on Oil Is Hitting Key Senate Races Hard

Now in its ninth month, the war in Iran has hit American pockets hard, and it could shift the balance in key midterm races that decide who controls Congress.

The serious damage to refineries and other facilities in the Middle East, combined with ongoing uncertainty about whether the Strait of Hormuz will remain open, have kept oil prices inflated. Americans have paid for it: The Center for American Progress estimates that the war has cost each US household at least $1,200.

Rising costs are among the reasons the war has been deeply unpopular, and Tuesday’s midterms are likely to be a referendum on how the White House has handled the impact. Democrats are trying to use that to their advantage to win races in places where the high price of diesel, home heating oil, and fertilizer are particularly top-of-mind for voters. Here’s how it’s playing out in key states across the country.

High diesel prices are affecting voters in every state, but it’s a particularly acute problem in Texas, where Governor Greg Abbott issued a state of emergency over diesel prices last month. The state, which traditionally had some of the lowest diesel prices in the country, has seen prices surge more than 80 percent compared to last year. That’s roughly 10 percent above the national average, according to AAA data.

Abbott is facing a tough reelection campaign, and his opponent, Gina Hinojosa, has used the war as an attack line against Abbott. She has pressured Abbott to suspend a state gas tax on diesel.


Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.