Surging fuel prices driven by the wars in Ukraine and the Middle East are remaking global politics. Though benchmark oil prices have stabilized after a recent jump, a shortage of fuel tankers and limits on global refining capacity have driven increases in the costs of diesel and other oil-based products.
US average diesel prices reached $6.50 for the first time ever, adding to President Donald Trump’s worsening economic approval rating ahead of November’s midterms, Brazil’s government implemented measures to lower prices ahead of presidential elections next month, and European leaders have scrambled to use their limited fiscal capacity to cushion the blow ahead of polls in France, Germany, and Italy in the next year.