Investor Kevin O’Leary warned the Donald Trump administration that persistently high oil prices could drive gasoline costs higher for Americans and make energy the defining economic issue for the GOP in the upcoming midterm elections.
O’Leary Flags ‘Danger Zone’ For Oil Prices
On Wednesday, O’Leary shared a clip of his interview with Martha MacCallum on Fox News in a post on X, where he emphasized the central role oil plays across the U.S. economy.
“Oil is the only commodity that is used in every single sector of the US economy. It is a commodity like no other,” O’Leary wrote in the post.
He added that the duration of elevated oil prices matters more than short-term spikes. “So it really matters how long it stays elevated, and when I say elevated, anything north of $70,” he wrote.
During the interview, O’Leary warned that sustained high prices could push gasoline costs higher for consumers.
“The danger zone for gasoline is keeping oil at $90 to $100 for more than 90 days. That’s when you see gasoline prices spike up past $3,” he said.
O’Leary argued that although affordability debates often focus on housing or food costs, energy will ultimately dominate voter concerns.
“This affordability speech, it’ll be about housing, it’ll be about protein … but the granddaddy issue is going to be energy,” he said.
He added, “That immediately affects every American family, and it is a visceral element in any midterm election.”
Lawmakers Clash Over Gas Prices Amid US-Iran Tensions
Sen. Elizabeth Warren (D-Mass.) posted on X that Trump’s war with Iran “put Americans in danger and spiked our gas prices” and said his energy policies also benefited Putin’s war effort.
Gov. Gavin Newsom (D-Calif.) wrote that Americans would pay $1.5 billion more at the pump that week due to Trump’s actions.
Sen. Kirsten Gillibrand (D-N.Y.) criticized Trump, saying his tariffs and the Iran war had driven gas prices higher, and condemned his claims of cheap gas while families bore the costs.
Fox News shared Karoline Leavitt’s post assuring Americans that the recent increases were temporary and would “drop rapidly” once Operation Epic Fury’s objectives were achieved.
Transportation Secretary Sean Duffy defended Trump, noting that gas had fallen below $3 per gallon under his Energy Dominance plan and calling the current spike short-lived.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Kathy Hutchins / Shutterstock.com
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