Rising energy prices tied to President Donald Trump’s war in Iran are threatening to derail Republicans’ strategy for the upcoming midterm elections, raising fears inside the GOP that the economic fallout could overshadow their campaign message on affordability.
That’s according to Politico, which reported Monday that spikes in oil and gasoline prices could wipe out some of the financial gains Americans saw from the sweeping tax cuts Republicans passed last year – a key argument GOP lawmakers hoped to sell to voters.
Instead, Republican leaders are beginning to acknowledge the political danger posed by rising gas prices, as analysts at the advisory firm Evercore ISI warned the crisis could erase the tax benefits of Trump's so-called "big, beautiful bill" for many Americans.
“The price of gas is always kind of a benchmark,” Senate Majority Leader John Thune told reporters on Capitol Hill on Monday.
Behind the scenes, however, other Republicans “expressed real alarm as crude oil prices surged to nearly $120 a barrel overnight before settling later in the day below $90 — still about 30 percent above recent lows,” Politico reported.
One House Republican speaking anonymously told the outlet: “If you are a Republican and not concerned right now, you are stupid,” adding, “Hopefully, we will square this away sooner than later.”
Another lawmaker was even more direct when asked if he believed the war-driven price spikes could overshadow the GOP’s economic agenda: “Hell yes.”
“The most sensitive thing amongst most driving Americans is the price of gasoline,” the House Republican added, saying it threatens to send Americans “right up the wall.”
Trump, meanwhile, has shown little interest in shifting focus toward affordability concerns, as some of his political aides have advised, Politico noted Monday.
“Instead, Trump is pressing Senate Republicans to pass a sweeping GOP elections overhaul bill — adding on demands for a near-complete ban on mail voting and unrelated policy provisions like banning transgender surgeries for minors,” the outlet said.