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Grand Theft Oil Futures

May 7, 2026 at 7:24 am EDT By Taegan Goddard Leave a Comment

Paul Krugman: “At this point it’s almost routine: Almost every time Donald Trump makes a major announcement about the Iran War, that announcement is preceded — sometimes by only a few minutes — by huge and hugely profitable bets in the oil market…”

“What’s truly remarkable is that this keeps happening even though the pattern has become familiar. This tells us two things: The Trump administration is making no real effort to crack down on whoever is trading using inside information, and these inside traders are operating with a complete sense of impunity, assured that they can get away with it.”

“The stench of corruption is overwhelming.”

Filed Under: Energy, Financial Markets

Americans Overwhelmingly Back Age Limits for Lawmakers

May 7, 2026 at 7:20 am EDT By Taegan Goddard Leave a Comment

An overwhelming majority of Americans — 78% — are in favor of setting age caps as well as term limits for members of Congress, according to the latest NPR/PBS News/Marist poll.

Filed Under: House of Representatives, Senate

The GOP’s Enthusiasm Problem

May 7, 2026 at 7:19 am EDT By Taegan Goddard Leave a Comment

Aaron Blake: “A series of polls in recent weeks have taken an early look at enthusiasm and motivation to vote ahead of the 2026 election, and Republicans are suffering from a real deficit.”

“The party has trailed significantly on such measures for months, as CNN polling has showed. But what’s particularly remarkable is how unenthused Republicans are, compared to other recent midterm elections — including those involving Trump.”

Filed Under: 2026 Campaign

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Iran Takes Its Time on a Response to Trump

May 7, 2026 at 7:17 am EDT By Taegan Goddard Leave a Comment

Bloomberg: “Whether Iran accepts the latest US peace proposal or not, Donald Trump is intent on winding down a conflict that’s proving increasingly problematic for him.”

“His memorandum of understanding, which Iranian leaders are expected to respond to any day now, calls for Tehran to reopen the Strait of Hormuz in exchange for Washington ending a blockade of Iranian ports. The US would also lift some sanctions, while Iran would agree to a moratorium on enriching uranium.”

Filed Under: Foreign Affairs

RNC Spends Big On its Ground Game

May 7, 2026 at 7:15 am EDT By Taegan Goddard Leave a Comment

“The Republican Party is spending big on its ground game — the party’s first major investment in the run-up to the midterms,” NOTUS reports.

“The Republican National Committee sent 34 staffers to 17 states last week to run canvassing operations targeting voters who don’t frequently turn out for elections, a voting bloc that helped President Donald Trump win in 2024.”

Filed Under: 2026 Campaign, Republicans

A Midterm Election Shaped by Billionaires

May 7, 2026 at 7:12 am EDT By Taegan Goddard Leave a Comment

Bloomberg: “Political committees have already raised $4.7 billion for the November contests as ultra-wealthy donors look to shape the final two years of Donald Trump’s presidency.”

Filed Under: 2026 Campaign

Trump’s Affordability Push Stalls

May 7, 2026 at 7:09 am EDT By Taegan Goddard Leave a Comment

“The Trump administration’s fitful campaign to address US voters’ affordability concerns ahead of the midterm elections is faltering, with some key efforts stalled, cast aside or limited in scope,” Bloomberg reports.

“The biggest piece of housing legislation in a generation has languished on Capitol Hill because of lawmakers’ objections to a provision negotiated by the White House. President Donald Trump has stopped touting a proposed 10% cap on credit-card interest rates, after backlash from banks and skepticism from economists.”

“And two executive orders, one aimed at easing access to mortgage credit and another that seeks to streamline regulations for builders, are not yet fully implemented and experts say they would only help marginally.”

Filed Under: Economy

Oil Pumping Site Deep Inside Russia Could Be Ablaze

May 7, 2026 at 7:08 am EDT By Taegan Goddard Leave a Comment

Bloomberg: “An oil-pumping station deep inside Russia could be on fire again just days after being hit by Ukrainian drones.”

Filed Under: Energy, Foreign Affairs

Susan Collins Says She Has Long Had a Benign Tremor

May 7, 2026 at 7:06 am EDT By Taegan Goddard Leave a Comment

Sen. Susan Collins (R-ME) told News Center Maine that she had long had what she called a benign essential tremor.

Said Collins: “I have had it for the entire time that I have served in the United States Senate. It has absolutely no impact on my ability to do my job or on how I feel each day.”

Filed Under: Senate

Jet-Fuel Prices Are Spiking

May 7, 2026 at 7:03 am EDT By Taegan Goddard Leave a Comment

“Former New Hampshire Gov. Chris Sununu delivered a warning to Treasury Secretary Scott Bessent during a recent visit to Washington: Already-high airfares will surge if the war in Iran doesn’t end soon,” the Wall Street Journal reports. 

“Sununu, a Republican who represents some of the biggest airlines as the president of the industry group Airlines for America, has for weeks sounded the alarm to Trump administration officials about the economic fallout from high jet-fuel prices. The war, Sununu has argued, must come to a close soon, or things will get worse.”

Filed Under: Energy

Democrats See Senate Control Within Reach

May 7, 2026 at 7:01 am EDT By Taegan Goddard Leave a Comment

Washington Post: “Democrats are increasingly optimistic about retaking the Senate in the midterm elections — an aspiration that appeared all but out of reach at the start of President Donald Trump’s second term.”

“The political terrain heading into November remains forbidding for Democrats, who need to win races in at least five states that Trump carried in 2024 to recapture the Senate. But Trump’s crumbling approval ratings and the Iran war’s weight on the economy have given the party fresh hope less than six months from Election Day, even as big hurdles remain.”

Filed Under: 2026 Campaign

War and Energy Shortages Boost China’s Influence

May 7, 2026 at 7:00 am EDT By Taegan Goddard Leave a Comment

New York Times: “As the war in Iran drags on, China has deepened its influence with fuel-starved neighbors, offering to ease shortages while pushing its renewable energy technology.”

“In the days after the United States and Israel attacked Iran and the Strait of Hormuz was closed, China banned oil-product exports, squeezing Asian countries that rely on its refineries for jet fuel, gasoline and diesel.”

“Across Asia, governments are petitioning Beijing to blunt the war’s impact. Unlike the rest of the region, China is dealing from a position of strength. It is the world’s largest importer of crude oil, but it has amassed huge reserves, spent decades reducing its dependence on foreign oil and poured hundreds of billions of dollars into clean energy technology.”

Filed Under: Foreign Affairs

Trump to Host Brazil’s Leader

May 7, 2026 at 6:29 am EDT By Taegan Goddard Leave a Comment

“President Trump will host President Luiz Inácio Lula da Silva of Brazil at the White House on Thursday, at a moment of a fragile truce following a tense year of U.S. tariffs and public insults between the leaders of the Western Hemisphere’s largest nations,” the New York Times reports.

“Mr. Trump has subjected Brazil to a whiplash of measures, only to abruptly walk back several of the harshest penalties. Mr. Lula, a leftist, has condemned Mr. Trump’s policies toward Iran and Cuba, along with his recent critical comments about Pope Leo XIV.”

Filed Under: Foreign Affairs

Mississippi May Redraw Maps

May 7, 2026 at 6:22 am EDT By Taegan Goddard Leave a Comment

Mississippi Gov. Tate Reeves (R) told the Daily Caller the door isn’t closed on a possible redraw of his state’s congressional map.

Filed Under: Redistricting

Ed Markey Holds Small Lead Over Seth Moulton

May 7, 2026 at 6:10 am EDT By Taegan Goddard Leave a Comment

A new Emerson College survey finds Sen. Ed Markey (D-MA) starting his re-election bid with a five-point lead over challenger Rep. Seth Moulton (D-MA), leading 37% to 32%, with 29% of voters undecided.

Filed Under: 2026 Campaign

Trump Reversed Course After Pressure from Saudi Arabia

May 6, 2026 at 8:29 pm EDT By Taegan Goddard Leave a Comment

“President Donald Trump’s abrupt reversal on his plan to help ships go through the Strait of Hormuz came after a key Gulf ally suspended the U.S. military’s ability to use its bases and airspace to carry out the operation,” NBC News reports.

Filed Under: Foreign Affairs

Judge Denies Request for Return of 2020 Ballots

May 6, 2026 at 8:24 pm EDT By Taegan Goddard Leave a Comment

“A federal judge on Wednesday ruled that the U.S. Department of Justice does not have to return 2020 election ballots seized by FBI agents to Fulton County,” the Atlanta Journal Constitution reports.

Rick Hasen: “Although this ruling is a disappointment in that it allows the federal government to continue to hold on the ballots when the allegations in the search warrant were based on discredited conspiracy theories about the 2020 election, I do want to point to a part of footnote 26 that I consider very important in the event that the federal government tries to seize ballots in an election that is not already final and beyond a contestation period: ‘Importantly, the seizure at issue in this case did not interfere with the State’s ability to conduct the 2020 election or certify election results, nor have Petitioners shown that it will hinder the State’s ability to conduct future elections.'”

“These issues are key: it’s a much more serious matter if a federal seizure of materials would interfere with the state’s ability to conduct elections or certify election results.”

Filed Under: 2020 Campaign

Hacker Stole Thousands From Cory Booker’s Campaign

May 6, 2026 at 7:08 pm EDT By Taegan Goddard Leave a Comment

A hacker stole more than $3,000 from Sen. Cory Booker’s reelection committee, NOTUS reports.

Filed Under: Crime and Punishment

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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