ANALYSIS – The correlation between the price of gasoline at the gas station and the popularity of the governing party in the United States has long been strong.
Panic in the democratic ranks of Washington: the price of gasoline is rising. A month before the midterm elections, this important variable for Americans’ purchasing power and sentiment is once again shifting in a direction that is unfavorable to President Biden and the very shaky Democratic majority he is trying to maintain in Congress. OPEC’s Russia-linked decision to cut the cartel’s output by 2 million barrels a day, announced last week, promises to deepen the rebound. After reaching a peak of $122 in early June, a barrel of American “Light Sweet Crude” fell to $75 in mid-September, which is its pre-war level. Here it is back today for more than 93 dollars.
The average voter is only interested in the price of gasoline. He immediately points to a reversal of the trend, because the share of taxes in the cost of fuel in the US is much more modest than in Europe, where it dampens fluctuations in oil. Average cost…