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Gas & oil prices will be major focus ahead of midterms
Nearly half of all Americans say the price of gas will impact their vote. Politico’s James Bikales joined LiveNOW’s Andy Mac to discuss the impact of gas prices, oil prices, and the ongoing Iran war.
Gas prices shot up 25 cents a gallon overnight in some parts of the U.S. this week, and experts expect they’ll go up even more as the U.S.-led war against Iran continues to disrupt the global oil market.
That could give Democrats an even bigger edge in November’s midterm elections as the majority of voters say gas prices are a major problem, and that President Donald Trump has made the economy worse, according to a new Fox News poll.
Why are gas prices so high?
By the numbers:
As of Friday, the national average for a gallon of regular unleaded gas was $4.46, still well below the record high $5.01 a gallon in June 2022, according to AAA. In the Midwest, gas increased as much as 25 cents per gallon overnight.
Dig deeper:
The U.S.-led war against Iran has caused major disruptions to global oil trade since it started in February. The most recent disruption – an attack on a major oil pipeline owned by Saudi Arabia – could last weeks and drive prices up even more, experts told The Washington Post.
Gas prices are displayed at a Pilot gas station on September 17, 2026 in Newark, New Jersey. (Photo by Michael M. Santiago/Getty Images)
Rystad Energy told The Associated Press that an average 2.6 million to 4 million barrels of oil a day moved through the pipeline and out of the Red Sea port of Yanbu since late August — a volume it said is now at risk of "disappearing from the market."
Four million barrels per day is about 4% of the global oil supply, according to the International Energy Agency, while the market is already responding to "a significant loss of supply" due to the Strait of Hormuz closure. The Strait of Hormuz has been essentially closed since the U.S. and Israel attacked Iran in February. Roughly a fifth of the world’s oil supply passed through the narrow waterway before Iran closed it in response to the attacks.
Rising gas prices ‘inexpensive price to pay,’ Trump says
What they're saying:
President Donald Trump, speaking to a crowd of supporters in North Carolina, said high gas prices are a "very inexpensive price to pay" for the U.S. war in Iran.
RELATED: National average price for diesel reaches all-time high at $5.85 a gallon
"It’s a very inexpensive price to pay for what we’ve done. Remember that. It’s a little more. Frankly, even if it was a lot more," Trump said at a rally for Republican Senate nominee Michael Whatley, The Hill reports.
"But that’s going to come tumbling down," he said about gas prices. "That’s going to be like rocket ships in reverse."
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Diesel prices reach record-high ahead of midterms
Politico's Mike Soraghan joins LiveNOW's Andy Mac to discuss the record-high diesel prices and how it is becoming an issue for voters in red states ahead of the midterm elections.
Gas prices and the midterms
The other side:
Trump’s optimism doesn’t reflect what polls are showing: that affordability is at the top of mind for voters, and Trump’s got low approval ratings when it comes to the economy.
MORE: Pentagon updates casualties: 757 injured in ongoing Iran conflict and overseas operations
That could give Democrats an edge for the midterm elections in November, when voters will determine who controls the House and Senate.
The Source: This article includes information from The Hill, AAA, The Washington Post, Fox News, and previous FOX Local reporting.