From NPR · · 1m 30s
Blue wave won't lower gas prices soon
Democrats' win won't cut gasoline or diesel costs soon despite Iran war impact.
In brief
Democrats' win won't cut gasoline or diesel costs soon despite Iran war impact. Democrats' control of Congress won't lower gasoline or diesel prices soon as oil prices remain high due to Iran war disruptions. Originally reported by NPR.
Midterm results
Democrats now hold control of Congress with wide margins after midterms.
Iran war impact
Iran war has driven up oil prices, with Brent crude hovering near $95.
Gasoline prices
Gasoline costs $4.12 per gallon, up $1 from last year.
Diesel prices
Diesel hit a record high of $6.52 per gallon in September.
Oil company profits
Oil companies earned huge profits as fuel prices rose.
Congressional power
New Congress has limited power to directly affect oil prices.
Trump's actions
Trump tried to lower diesel costs by loosening rules on dyed diesel.
Schumer's plan
Schumer says Democrats will end Iran war to lower living costs.
Brito's timeline
Gas prices could drop $15-20 per barrel if war ends quickly.
Recovery timeline
Gas prices may take three months to return to prewar levels.
Ukraine factor
Ukraine attacks on Russian refineries may delay diesel price drops.
Freight costs
Oil transport costs have risen due to blocked Strait of Hormuz.
Long-term outlook
Gas prices could stay high for up to a year after war ends.
The bottom line
Democrats' control of Congress won't lower gasoline or diesel prices soon as oil prices remain high due to Iran war disruptions.
