Iran Conflict Lifts Oil Prices, Yet Trump Backers Still Say 'Give Him More Time'

Deep News10-27 21:51

As the US midterm elections draw near, the Iran conflict and elevated oil prices continue to intensify cost-of-living pressures. Some Trump supporters acknowledge economic hardship but remain willing to wait longer for policies to take effect. The latest polling shows that lowering prices and ending the war are voters' primary demands.

Some of US President Donald Trump's core supporters are still willing to give his policies more time, even as the Iran war drives up gasoline prices and the cost of living continues to climb, without shaking their willingness to back Republicans in the upcoming midterm elections.

Trump held a campaign rally in Perry, Georgia, last Saturday to boost Republican candidates in the state, according to a Fox News report on Tuesday (October 27). Several supporters interviewed acknowledged that rising oil prices were creating economic pressure, but said they believed Trump's Iran policy and domestic agenda still deserved support.

Rally attendee Gloria Barkman said she understands some people are unhappy about gasoline prices and the overall economy, but she still believes Trump can deliver on his promises. "I know people are very unhappy because things don't look good on gasoline prices and so on, but give him a little more time and they will see the change," Barkman said.

Some supporters still willing to bear the cost

The energy price shock from the Iran war has become one of the most closely watched economic issues ahead of the US midterm elections. According to Fox News, regular gasoline prices in Georgia are currently about $3.66 per gallon, higher than the average of about $2.72 before the Iran war broke out in February this year. Security risks to shipping through the Strait of Hormuz and continued tensions in the Middle East have further increased uncertainty in global energy markets.

The latest inflation data also shows that American households continue to face price pressures. Data from the US Bureau of Labor Statistics showed that the consumer price index (CPI) rose 3.7% year-on-year in September. Data cited by The Washington Post for the same period showed that average hourly earnings grew about 3% year-on-year, below the rise in prices.

Trump said at last Saturday's rally that oil prices would soon fall, and mentioned a 1.7% inflation rate over the past three months. However, the report did not clearly specify the statistical basis for that figure, and it does not fall within the same time range as the official September year-on-year CPI increase.

Facing higher energy prices, some supporters believe that addressing the Iran nuclear issue is more important than short-term living costs. Jim Taylor, who previously served in the US Air Force, told Fox News that he especially supports Trump's actions on Iran and believes that temporarily bearing higher gasoline prices is acceptable in order to eliminate the nuclear security threat he worries about.

Similar views have also appeared in Michigan. Fox News previously interviewed nearly 20 voters at a Trump campaign rally in Port Huron, and several supporters there said that although gasoline, diesel and food prices have risen, they still plan to vote Republican in the midterm elections. Local resident Linda Taggart described the current situation as "short-term pain for long-term gain." Another supporter, Michael Bacheller, said the rising cost of living would not change his voting decision.

Trump's endorsement still carries influence

One of Trump's main tasks at the Georgia rally was to win support for local Republican candidates. Those attending the rally included Republican gubernatorial candidate Rick Jackson, as well as Republican Representative Mike Collins, who is challenging incumbent Democratic Senator Jon Ossoff. Ossoff won the January 2021 Senate runoff by a narrow margin of about 1.22 percentage points, while Trump won Georgia in the 2024 presidential election by about 2.2 percentage points.

Trump called on supporters last Saturday to treat the November 3 vote as if he himself were also on the ballot. Taylor, who spoke to Fox News, said that although he previously knew little about Collins, Trump's support has an important influence on his voting decision. He said he is willing to support candidates endorsed by Trump.

Another rally attendee, TJ Barb, said the children's investment account promoted by Trump is one of the policies he approves of. These investment accounts, known as "Trump Accounts," were established under the tax and spending bill pushed by the Trump administration. Barb believes that providing investment accounts for children helps cultivate financial awareness. He also said that he initially did not know much about Collins, but after hearing about his campaign experience, he gained a better understanding of the candidate.

Cost of living remains the top issue

Although Trump maintains strong support among his core backers, national polling presents a different picture. A recent Fox News national poll showed Trump's overall job approval rating at 36%, but among respondents who identify with the "Make America Great Again" (MAGA) movement, his support reached 95%.

On the Iran war, a survey published by the Pew Research Center in October showed that about 65% of Americans disapprove of Trump's handling of the conflict. A survey conducted by The Associated Press and the NORC Center for Public Affairs Research from October 8 to 12 showed that about 80% of registered voters believe lowering the cost of living should be one of the top priorities for the next Congress; about 70% believe ending the Iran war should be listed as a high priority. These demands exist among both Democratic and Republican voters.

Even within the Republican Party, the importance of supporting Trump's policy agenda is lower than lowering the cost of living, ending the war and controlling the federal budget deficit. The latest economic survey further reflects the burden on residents. An analysis published by The Washington Post on Tuesday found that in 42 of the 46 most competitive House districts, the rise in basic living costs from 2019 to 2024 exceeded the rise in residents' incomes. The analysis estimated that about 60% of households in the relevant districts do not have enough income to fully cover basic expenses such as housing, food, transportation, healthcare, child care and taxes.

The Republican National Committee responded that the current administration has not yet been given enough time to solve the cost-of-living problems left over from before, and emphasized policies such as tax cuts and job growth.

Some voters who had previously leaned Republican are also beginning to reconsider their voting choices. The Associated Press reported on Tuesday that Noor Dubow, a 44-year-old logistics company dispatcher in Ohio, said the Iran war and rising fuel costs have made him dissatisfied, and he has supported more Democratic candidates in early voting in this year's midterm elections.

The US midterm elections are scheduled for November 3, when voters will decide all seats in the House of Representatives and some Senate seats. With only one week left before the vote, Trump and Republican candidates are still holding campaign events in multiple states, and debates over the cost of living, energy prices and the Iran war continue to be campaign issues.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment