As the violence in the Middle East escalates, attention has focused, and rightly so, on the devastating impact the conflict is having on innocent civilians across the region.
But another major issue hovers just below the surface — oil. More specifically, how a possible rise in oil prices could affect economics and politics around the globe, especially here in the United States.
As President Biden visited Israel and reinforced America’s commitment to its allies, a Reuters headline blared, “Oil spikes as Middle East strife heightens supply concerns.”
“Like Middle East wars of the past,” wrote Bloomberg News, “the conflict between Israel and Hamas that broke out this past week has the potential to disrupt the world economy — and even tip it into recession if more countries are drawn in.”
That old political cliche, an “October Surprise” — an unforeseen event that suddenly alters an election — usually emerges just weeks before the balloting. This year’s version, Hamas’ brutal assault and Israel’s justifiable retaliation, happened more than a year before the next presidential election, but it could still have a significant effect on the outcome.
That’s because American voters are already deeply unhappy with Biden’s stewardship of the economy. Lingering inflation,…
