The conflict in Iran pushed Brent crude to near $95 a barrel, driving average gasoline to $4.12 a gallon and diesel roughly $2.50 higher than last year. Although incoming Democrats plan to challenge foreign policy through war spending conditions and resolutions, the president retains executive authority over military operations and sanctions. Furthermore, past executive measures, including relaxing restrictions on farm-use dyed diesel and temporarily waiving sanctions on Russian diesel, failed to lower prices. Even if a formal peace agreement quickly reduces crude costs by $15 to $20 a barrel, physical supply chains and rerouted tankers will require time to normalize.
Key points
Democrats will face severe structural limits on lowering fuel costs when taking congressi…: Democrats will face severe structural limits on lowering fuel costs when taking congressional office in January because foreign policy powers remain with the executive branch.
Previous administrative strategies to lower diesel prices through sanction waivers and fu…: Previous administrative strategies to lower diesel prices through sanction waivers and fuel rule changes proved ineffective at lowering costs.
Pump prices will not immediately plummet after a peace deal because commercial tankers ne…: Pump prices will not immediately plummet after a peace deal because commercial tankers need time to reposition from extended detour routes.
Sources checked by our analysis pipeline: 1
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Democrats are now poised to take control of Congress by wide margins — and a critical driver of their success has been voter fury about how the war in Iran has driven up the cost of fuel.
Before the war, about one fifth of the world's oil passed through the Strait of Hormuz. As the war throttled that waterway, the price of oil rose: A barrel of Brent crude cost about $70 in late February, spent months hovering around the $110 mark, and is now close to $95.
That's driven up the price of everything that's refined from crude. A gallon of gas costs $4.12 on average — about $1 higher than a year ago. The price of diesel hit a record high in September at $6.52, and while it's fallen a bit since then, a gallon remains about $2.50 higher than this time last year, according to AAA.
These soaring prices helped major oil companies rake in huge profits over the past two quarters, while…
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Ministers have launched a consultation introducing national standards to rein in anti-social cycling and protect pedestrians, wheelchair users, and families on footpaths. The initiative gives local councils greater authority to regulate commercial operators through licensing rules, fleet caps, and mandatory parking zones. This regulatory push comes in response to booming rental demand across urban centres that has sparked safety concerns.
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