WASHINGTON, D.C. — Fuel costs helped drive voters away from Republicans on Tuesday, but drivers hoping the incoming Democratic Congress will bring quick relief at the pump are likely to be disappointed.
GasBuddy’s weekly survey of more than 150,000 stations put the national average for regular gasoline at $4.12 a gallon, down 17.1 cents in a week but still $1.13 above a year ago. GasBuddy pegged diesel at $6.281, and AAA reports diesel hit a record $6.52 in September and is still roughly $2.50 a gallon above last year.
The war with Iran is the main reason. About a fifth of the world’s oil moved through the Strait of Hormuz before fighting choked off that route. Brent crude, about $70 a barrel in late February, spent months near $110 and has eased to roughly $95.
Lawmakers elected Tuesday will not take office until January, and even then Congress has few levers over a price set on the global oil market. Most recent federal moves came from the White House, including relaxed rules on dyed farm diesel and a temporary easing of sanctions to bring more Russian diesel to market, steps that did little to lower prices.
A Democratic majority could pressure the president to wind down the war by limiting new war funding, attaching conditions to spending or slowing confirmations, according to analysts at Rystad Energy. The president would still hold veto power and broad authority over strikes, blockades and sanctions.
Even after a ceasefire or deal, analysts estimate it could take three to six months for crude to return to prewar levels and longer for gasoline and diesel to follow. Higher shipping and insurance costs around the strait, refinery outages, and Ukrainian strikes on Russian refineries could stretch that timeline, with diesel likely to lag gasoline.
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