It wasn’t that long ago that President Trump was calling skyrocketing gas prices a “short-term increase” and saying the war with Iran would be over in just a few weeks. But as prices remain high, peace negotiations stall, and there’s no exit strategy in sight, even Trump has been forced to admit that prices aren’t coming down anytime soon. He’s even admitting that it’s possible prices won’t come down even before the midterm elections, reports the New York Times. We said this weeks ago, but to hear such an admission come from Trump himself is not something we expected.
In an interview with Fox News, Maria Bartiromo asked Trump if he believed gas and oil prices would come down before the midterm elections. His response:
I hope so. I mean, I think it could be. It could be the same or maybe a little bit higher. But it should be around the same.
Everything’s already expensive enough that some of our readers are considering scooters and even EVs. If these prices do last through the midterms, things are going to get a lot worse. On April 3, we reported that Trump’s Iran boondoggle had already cost U.S. drivers an extra $10 billion at the pump. One week later, on April 10, Heatmap reported that figure had increased to $17 billion. That’s an extra $1 billion a day we’re spending on gas at current prices. That doesn’t even include the even higher cost of diesel, which is not only choking the trucking industry but also making practically everything that isn’t fuel more expensive as well. Inflation tripled last month specifically because of higher gas prices.
The political price
Republican lawmakers up for re-election in the midterms are quaking in their dress shoes at Trump’s admission. According to another New York Times article, a President’s approval rating drops significantly when gas prices are high. During the Oil Shock of 1978-1979, Jimmy Carter’s approval rating dropped to 30%. Gas prices set new record highs in 2008 during the Great Recession, and George W. Bush’s approval rating dropped even lower than Carter’s, to 25%. In both of these cases, voters rejected the incumbent party at the next election, regardless of which party it was.
The price of gas certainly wasn’t the only reason for these low ratings, but it was definitely on the list. It’s also something that directly affects everyone, hitting the reddest Republican just as hard as the bluest Democrat. One may not have strong opinions on events taking place on the other side of the world, but we all care about the price of gas.
While Trump is not up for re-election this November, many Republican Senators and all Representatives are, and they’re worried that longer-lasting high gas prices will hurt their chances for re-election. From the New York Times:
Strategists in both parties said on Sunday that Mr. Trump’s latest comments posed a challenge for Republicans, who are working to defend their majorities in the House and Senate, as an unpopular war drives up the costs of energy and goods. Douglas Heye, a Republican strategist, said Mr. Trump’s rhetoric was adding to Republicans’ headaches and making it harder for them to blame inflation on President Joseph R. Biden Jr.’s administration.
“It’s a very big obstacle,” Mr. Heye said of the rising price of gas and other goods. “It was a big obstacle — that just got a little taller.”
According to the The Economist, Trump’s approval rating currently stands at 38%. Republican legislators are right to be worried about their jobs. Perhaps Trump should be, too, especially if enough Democrats are voted in to begin impeachment proceedings and make them stick this time.
