Soaring diesel prices pose latest economic headache for GOP

Rising diesel prices are proving to be a particular problem for Republicans as surging energy costs sour the economic mood just 45 days out from the midterms. 

The national average for diesel jumped 42 cents over the last week, largely as a result of the ongoing U.S. war in Iran, though President Trump has sought to cast blame on energy facilities hit as part of the Russia-Ukraine war. 

The $6.27 average price for a gallon of diesel on Tuesday was the highest ever, with no sign of relief as the winter heating season nears.

While Republicans have struggled to address rising gas prices across the board, diesel stands to have a particularly acute effect, hitting rural voters and other key parts of the GOP base. 

Trump is downplaying growing concerns over rising energy costs as Election Day looms, telling voters in battleground North Carolina that higher gas prices are a “very inexpensive price to pay” for the Iran war.

“But that’s going to come tumbling down,” the president said of gas prices on Wednesday. “That’s going to be like rocket ships in reverse.”

Analysts, however, say they do not foresee prices coming down in future weeks. 

“I think prices remain above six [dollars], and seven is not out of the realm of possibility,” said Tom Kloza, chief oil analyst at Gulf Oil, referring to diesel. “I think gasoline remains above four.” 

Diesel is a primary fuel source for public transportation and the trucking industry. The fuel is also heavily utilized in the agricultural sector, impacting more rural parts of the country. 

Kloza noted that particular scenarios, such as a hurricane in the Gulf of Mexico, could make the prices of diesel and heating oil even worse.

“Not much the president can do about this, too,” he said. “I’m surprised that he hasn’t yet used the threat of export curbs or [windfall profits tax] to spook some of the hot........

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