Gasoline Up 34% and Heating Oil Up 74% as Voters Head to the Midterms

OilPrice.com · Haley Zaremba · 2026-10-30 22:00 UTC

Gasoline is up 34.2 percent and fuel oil 74.2 percent as the midterms near, and the Atlantic Council says policy whiplash is now an energy cost.

The results of the upcoming midterm elections will reveal just how much power global energy markets have over state-level politics – and how much changing political regimes can cost the global energy sector in return.

As voters head to the polls, energy prices are blisteringly high. As of Monday, average gasoline prices in the United States officially edged higher than at any point of Joe Biden’s presidential term, according to a Politico analysis of AAA figures. This could pose a major threat to the Trump administration as well as incumbent gubernatorial and congressional candidates, as trust erodes between current leaders and their cash-strapped constituents.

The October 14 Consumer Price Index showed that overall, prices for goods and services across the United States have risen 3.7 percent over the last 12 months, exacerbated by massive increases in energy costs. Gasoline shot up a punishing 34.2 percent and fuel oil (primarily used by consumers in residential heating) has skyrocketed 74.2 percent, driven in large part by oil and gas trade disruptions stemming from the United States and Israel’s war in Iran.

Read the full story at OilPrice.com · All coverage of this story