Senate Majority Whip John Barrasso (R-Wyo.) said Republicans “need to do more” on affordability and “get more money into people’s pockets” as high fuel and consumer prices sharpen the economic debate ahead of November’s midterm elections.
Barrasso Says Republicans Must Do More
“Well, people all around the country are feeling the pain,” Barrasso said. “But people vote about what’s going on in their life and their future,” Barrasso said Sunday on NBC’s Meet the Press. “And we know we need to do more, we need to get more money into people’s pockets.” He said he hears those concerns at grocery stores and gas stations in Wyoming, including from farmers and ranchers.
The latest data metrics shed light on that affordability pressure. Consumer prices rose 3.4% in the 12 months through August, while real average hourly earnings fell 0.3% from a year earlier, according to the Bureau of Labor Statistics. Gasoline jumped 3.9% in August and accounted for more than one-third of the monthly CPI increase.
Diesel Costs Add Pressure On Farmers
Fuel costs have become another pressure point. The Energy Information Administration put the national average for on-highway diesel at $6.285 per gallon on Sept. 14, $2.546 above a year earlier, according to EIA data.. Diesel prices have repeatedly broken records this month.
According to U.S. Department of Agriculture data, rail fuel surcharges on grain shipments surged 153% year over year to 48 cents per mile per railcar, increasing costs as corn and soybean farmers entered harvest season. The surcharges represented about 11% of grain rail transportation costs, up from 5% a year earlier.
Barrasso Ties Relief To Energy Policy
Barrasso argued that Washington should increase domestic energy production and reduce regulations. “People are paying more, and we need to do more,” he said. He also predicted that “once this war in Iran is over, diesel prices are going to go down and stay down under President Trump.”
Record diesel prices have reflected global refinery disruptions tied to the Middle East conflict and attacks on Russian refining infrastructure, Reuters reported last week. Republicans also discussed possible restrictions on diesel exports as lawmakers look for ways to ease prices.
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