Trump Has a Growing Oil Problem

“Oil has Trump over a political barrel ahead of the midterms,” Politico reports.

“As the latest phase of the Iran war drags on, without either resolution or significant escalation, the rising cost of oil remains Republicans’ greatest liability heading into the fall — combining the war’s unpopularity and enduring cost-of-living concerns into one package for Democrats to hammer the party in power.”

“Today, U.S. oil prices once again spiked past $80 a barrel after hopes of a Strait of Hormuz deal pushed them lower last week. Brent crude, the global benchmark, reached roughly $85 a barrel. And the Energy Department said the country’s Strategic Petroleum Reserve has now dipped below 300 million barrels — hitting its lowest level since 1983… after Trump released lots of domestic oil to try to blunt the Hormuz impact.”