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Economics can helpDemocrats 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.These soaring prices helped major oil companies rake in huge profits over the past two quarters, while making the cost of fuel at the pump uncomfortably high for drivers, and boosting the price of nearly everything in a nation that is heavily reliant on trucking.So now that the midterm results are in, could drivers see lower gasoline and diesel prices anytime soon?Not so fast, experts say.
Here's why.Nothing yet — members of the new Congress won't be sworn in until January.And once they are seated, U.S.legislators have limited powers to directly affect the price of oil, which is dictated by a complex global market.In the run-up to the election, most of the actions taken by the federal government to lower fuel prices came through the White House, not Congress.
Hoping to stave off losses for his party, President Trump tried to ease the cost of diesel by loosening federal rules on dyed diesel, which is normally used for farming.He also announced a deal that would bring more Russian diesel to global markets, including the U.S., by temporarily lifting sanctions.
Neither of these did much to move the needle.But the n...