Gasoline and Heating Oil Surge Ahead of U.S. Midterm Elections

Source Summary

U.S. gasoline prices have risen 34% and heating oil 74%, reaching their highest levels during President Biden's term as voters prepare for midterm elections. Energy market volatility is expected to influence electoral outcomes and affect the global energy sector depending on which political regime takes power.

Why it matters

High energy prices directly affect voter sentiment on inflation and cost of living, which historically influence midterm election outcomes and subsequent energy policy.