Does the blue wave mean lower gasoline and diesel prices soon? Don't hold your breath
NPR · Willa Rubin ·
A new Democratic majority in Congress could pressure the president to end the war in Iran. But it will be harder for them to directly affect fuel prices, which are tied to a complex international oil market.
Democrats are now poised to take control of Congress by wide margins — and a critical driver of their success has been voter fury about how the war in Iran has driven up the cost of fuel.
Before the war, about one fifth of the world's oil passed through the Strait of Hormuz. As the war throttled that waterway, the price of oil rose: A barrel of Brent crude cost about $70 in late February, spent months hovering around the $110 mark, and is now close to $95.
That's driven up the price of everything that's refined from crude. A gallon of gas costs $4.12 on average — about $1 higher than a year ago. The price of diesel hit a record high in September at $6.52, and while it's fallen a bit since then, a gallon remains about $2.50 higher than this time last year, according to AAA.