"Wait until after the election"? Trump admits that high oil prices will "last through the midterms," putting pressure on Republican election prospects

Zhitong Finance APP reports that U.S. President Donald Trump expects the military conflict with Iran to last until after the November midterm elections, and that a sharp drop in gasoline prices will also not occur before then. This outlook may further increase the political risk for the Republican Party in the election race.

Recently, the military conflict between the U.S. and Iran in the Middle East has escalated again, intensifying market concerns over the security of energy transport through the Strait of Hormuz, pushing the international benchmark Brent crude oil price past the $100 per barrel mark. When asked about the continued rise in oil prices, Trump said that prices would eventually fall, but it would be difficult to achieve this within the next two months.

“I think this will take longer than the midterm elections,” Trump told reporters before departing for Dallas to attend the Republican midterm convention. “Oil prices will drop significantly, and we will work to bring them down. As for gasoline, we will bring it below $2 per gallon, but that will have to wait until after the midterm elections.”

According to the American Automobile Association (AAA), the current national average gasoline price hovers above $4.22 per gallon, making it one of the greatest political threats facing Trump’s Republican Party in the midterm elections.

Voters consider the economy and the cost of living to be top priorities, and polls show that Trump receives low marks from voters for his handling of both issues. Less than two months remain until the November 3 midterm elections. Polls at the end of August show that the cost of living has become the most important midterm issue for American voters, with 47% of registered voters listing it as the deciding factor for their vote; 71% of the public disapprove of Trump’s handling of the cost of living. Trump’s overall approval rating has fallen to a term low of 33%; betting market data shows a 90% chance that Democrats will win control of the House of Representatives.

The Republican Party’s traditional advantage on economic issues is weakening—Democrats have led Republicans for a month straight regarding “which party is better able to handle economic problems,” the first such advantage in a decade. Republican campaign strategists admit that energy prices and tariffs are having an especially severe impact on Republican candidates in key states such as Michigan, Maine, and Iowa. At the end of February, Trump, in coordination with Israel, launched a military strike against Iran, triggering a global energy supply shock and pushing up fuel prices.

Trump, without providing evidence, accused Iran of trying to prolong the conflict in order to inflict political damage on his party in the upcoming fall elections.

“I believe the war will end immediately after the election, because by then Iran will no longer be able to hold out. They are eager to interfere in the election so that a group of weak people comes to power and leaves Iran unchecked, allowing it to acquire nuclear weapons,” he said.