Gas prices remain high as elections near

Audio By Carbonatix

(The Center Square) – With the midterm elections a week away and oil flowing through the Strait of Hormuz at prewar levels, gas prices remain high, dropping slightly in the last month.

U.S. Central Command reported over the weekend that the U.S. has ensured 1.5 billion barrels of oil have passed through the Strait of Hormuz since June.

Despite the encouraging numbers, gas is averaging $4.28 per gallon, down only one cent from a week ago. However, it is down 20 cents from $4.48 a month ago, according to AAA.

While gas prices may be slowly decreasing, they are up more than a dollar from one year ago, when the average was $3.05.

The high gas prices come as political leaders, including President Donald Trump, have been engaging in a coast-to-coast campaign blitz to help Republicans try to maintain control of Congress.

Trump acknowledges the high gas prices, defending the increase, saying it is a small price to pay to ensure Iran never obtains a nuclear weapon.

It’s unclear whether the high gas prices will negatively impact Republicans come Nov. 3, as the president continues to weigh options on how to deal with a simmering situation with Iran.

Trump vowed not to strike Iran before the midterm elections, but will not take strikes off the table completely. He told reporters over the weekend that Iran will either make a deal or the U.S. will “finish them off.”

Since the war began when the U.S. and Israel began carrying out joint strikes against the Islamic Republic, the Pentagon estimates that Operation Epic Fury, which began Feb. 28 of this year, has cost at least $33.4 billion.

However, the Trump administration estimates the complete naval blockade on Iranian ports is costing the Islamic Republic’s economy between $400 million and $500 million a day in economic losses, as the country cannot export oil.