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U.S. to Tap Heating Oil Reserves Ahead of Midterm Elections

Updated 2:06 AM ET · 1:17 AM ETConfirmed

Politics Desk

In Short: Both publications agree that the midterm elections are likely to become one of the most expensive in American history, with the RNC's substantial fundraising reserves allowing Republicans to deploy significant financial resources in the final two weeks before Election Day.

The Republican National Committee (RNC) is pouring more than $50 million into congressional races ahead of the November midterm elections, according to Worthynews. This move comes as the RNC's cash reserves have declined to approximately $76 million, with funds redirected toward competitive races, as reported by Worthynews.

Winnipeg (Canada) reported that President Donald Trump announced more than $300 million has already been spent on Republican campaign efforts, with total spending expected to exceed $400 million by Election Day. The surge in spending follows a June Supreme Court ruling that lifted restrictions on coordinated spending between political parties and their candidates.

According to the BBC (United Kingdom), the US jobs market saw a sharp slowdown in September, with employers adding just 29,000 jobs in the final update before the midterm elections. This economic backdrop presents significant challenges for President Trump and his fellow Republicans as they campaign.

Winnipeg (Canada) also noted that the president faces lagging approval ratings, with only 17% of Americans approving of his handling of cost-of-living issues and 26% approving of his handling of the economy overall, according to an AP/NORC poll.

Both Winnipeg (Canada) and the BBC (United Kingdom) reported that the US is intensifying its efforts to address high fuel prices ahead of the midterm elections. President Trump said the US would refrain from resuming military strikes on Iran and that the US was engaged in productive discussions with Iran.

Winnipeg (Canada) reported that the US administration has expressed frustration with France and Germany, which Washington believes have not fully implemented earlier commitments to release emergency oil and petroleum-product reserves. In contrast, the BBC (United Kingdom) reported that the 27-nation EU bloc is ready to work with the International Energy Agency (IEA) on the possible release of fuel reserves.

Despite the differing reports on the EU's response, both Winnipeg (Canada) and the BBC (United Kingdom) agree that the US is pressuring G7 nations to release their strategic diesel reserves to address surging fuel prices.

The RNC's financial advantage and the economic challenges facing the president are likely to shape the final weeks of the midterm election campaign, with both parties intensifying their advertising, voter outreach, and get-out-the-vote operations.

"Thank you, President Trump, for joining us," Collins told the crowd.

What this adds

Background

What's confirmed

• President Donald Trump said on Thursday that the US would refrain from resuming military strikes on Iran before the November 3 midterm elections and added that the US was engaged in productive discussions with Iran.

What's still developing

• Looking at the near-term calendar, UOB has “ruled out a back-to-back rate hike in the October FOMC, which falls less than a week from the midterm elections (3 Nov),” highlighting their assessment that policymakers are unlikely to take another step so close to a key political event.
• G7 leaders were holding talks Friday to coordinate action on tackling high fuel prices, after Washington upped pressure on Europe to release its strategic reserves or face a US diesel export ban.
• Successfully pressuring G7 nations into releasing their strategic diesel reserves could embolden the President to further exploit US allies Faced with a choice in Washington DC on Friday between backing his beleaguered fellow Republicans in America’s midterm elections or siding with his friends in the oil industry, President Donald Trump voted firmly to assist America’s petro giants.
• After his own energy chief dismissed the proposed embargo as a “blunt hammer”, the president successfully persuaded G7 leaders to agree to the release of 100 million barrels of their diesel and oil reserves.
• Meanwhile, UEFA has launched legal actions to investigate the proposed $20 billion venture, as political maneuvering intensifies ahead of next March's presidential election.
• In a communication seen by The Associated Press, UEFA President Aleksander Ceferin and CONCACAF chief Victor Montagliani informed Infantino that FIFA's cash reserves are projected to reach $6 billion post-tournament, making a “one-off release" totalling $2.1 billion across the 211 member federations financially feasible.
• The highlights this week: Nigerian President Bola Tinubu presses on with military reforms ahead of 2027 elections, Africa’s richest man launches the continent’s biggest-ever initial public offering, and the Democratic Republic of the Congo plans to move its embassy in Israel from Tel Aviv to Jerusalem.
• The remarks followed a recent report that the White House was considering striking Iran ahead of the November midterms.
• Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council.
• Investors are pricing in a solid chance of an interest rate increase this month, several weeks out from the midterm elections, a prospect that's likely to anger the president. 09/04/2026 09:22 AM EDT | Updated: 09/04/2026 10:29 AM EDT The U.S. added an estimated 162,000 jobs in August, an unexpectedly strong showing for an economy that has seen a high rate of retirements by older people and a sharp decrease in immigration.
• “If inflation does not show a convincing move lower, the Fed will need to take action to earn the credibility that the market afforded Chairman Warsh after his hawkish comments.” Investors are pricing in a good chance of a rate hike this month, several weeks out from the midterm elections, a prospect that’s likely to anger President Donald Trump.
• More than $44 million was transferred between mid-August and mid-October, with additional funds expected before voters head to the polls.

Sources

• Worthynewslink
• BBClink
• Tradingpedialink
• AFPlink
• Gulfnewslink
• Winnipeglink
• Politicstodaylink
• Inewslink
• Fox7Austinlink
• Englishlink
• Foreignpolicylink
• Fxstreetlink
• Politicolink
• WarpBeat — background on Midterm Elections: Democrats Eyeing Both Chambers of Congress link
• WarpBeat — background on Democrats Aim for Both Chambers in Midterm Elections link