Midterm Tide Shifts Toward Democrats As US Oil Prices Plummet

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Last updated on July 18th, 2023 at 01:48 pm

US oil prices plunged on Monday as Republican hopes of winning back Congress on high gas prices took a hit.

U.S. oil tumbled more than 8% on Monday, breaking below $100 per barrel, amid talks between Russia and Ukraine as well as new Covid-19 lockdowns in China — which could dent demand.

West Texas Intermediate crude futures, the U.S. oil benchmark, lost 8.75% to trade at $99.76 per barrel at the lows of the day. International benchmark Brent crude shed 8% to $103.68 per barrel. In afternoon trading some of the losses were recovered. WTI settled 5.78% lower at $103.01 per barrel, with Brent finishing the day at $106.90 per barrel, for a loss of 5.1%.

Republicans are hoping that inflation and gas prices stay high because if COVID cases remain on the decline, they need voters to be angry and blame Biden to have any chance of winning back Congress in November.

Democrats need to make reducing inflation their top priority. Biden isn’t the reason for high inflation. Trump’s policies set America on the inflation track long before Biden took office, but Democrats need to make fighting inflation a priority.

The news is getting better for Democrats. Republicans have no agenda, and if voters aren’t angry, it will be bad news for the GOP in November.

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Jason Easley

Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.

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