What's the political cost of pricey oil in an election year?

The article focuses on the political impact of rising oil prices on U.S. midterm elections, highlighting how high oil costs historically correlate with significant seat losses for the party holding the presidency. It discusses recent U.S.-Israeli strikes against Iran, which disrupted oil supply and caused gas prices to surge, complicating Republican efforts to maintain their congressional majorities. Data from past midterms show that when inflation-adjusted oil prices exceed $100 per barrel near election cycles, the president’s party tends to lose substantial House seats. The article also notes that the Strait of Hormuz, a critical oil transit route, remains vulnerable to Iranian actions, potentially sustaining high oil prices through 2027 and influencing voter sentiment. [Extracted from the article]