Will the U.S. midterm results do anything for oil and gas prices?

Global News · Ariel Rabinovitch · 2026-11-05 18:16 UTC

The U.S. midterm elections lay the foundations for a dramatic change in Washington, which saw global oil prices crater in response, and that could soon lead to relief at gas pumps.

The U.S. midterm elections lay the foundations for a dramatic change in Washington, which saw global oil prices fall in response, and that could soon lead to relief at gas pumps.

Oil prices fell sharply on Wednesday in the hours after the midterm results revealed a decisive win for the Democrats. Prices did tick back up slightly on Thursday amid heightened tensions in the Middle East region, but oil prices as of publication remain well below where they were before the midterm elections.

“Oil prices that had been closer to the highest side since spring are now closer to the lower side of that, and that could provide some meaningful relief,” says Patrick De Haan, head of petroleum analysis at GasBuddy.

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