Gas prices are making headlines and markets are reacting. It all hurts. But can we just take a big breath and put this into context?
We’ve been here before. Looking back:
- July 2008. $145/barrel. The global economic boom drove record demand – then crashed to $33 within six months.
- July 2014. $108/barrel. Strong growth and tight OPEC supplies kept prices high.
- June 2022. $114/barrel. Russia invaded Ukraine, sending shockwaves through global energy markets.
- March 19, 2026. $93.39/barrel. U.S.-Iran tensions create limited flow of oil through the Strait of Hormuz.
How much longer will this go on?
The oil futures market may offer a glimpse of hope. The U.S. Energy Information Administration forecasts Brent will stay above $95/barrel for the next two months, then fall below $80 in Q3 2026 and around $70 by year-end — assuming the Middle East conflict gradually de-escalates.
Will it de-escalate? I’m guessing yes.
Why? The midterm elections.
Since 1946, the president’s party has lost House seats in 18 out of 20 midterm elections — 90% of the time. The president will not want to jeopardize his party’s standing and will be motivated to address gas prices and the economy. It’s what makes people happy.
For today, the market is closed. The chaos will still be there Monday — but not today. We can also take solace in knowing that this will correct in the long run. It always does.
Stay the course,
Barbara
March 22, 2026
Sources:
U.S. Energy Information Administration
The Conversation
Past performance is no guarantee of future results. Investing involves risk, including possible loss of principal. Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and, if available, the summary prospectus contain this and other important information about the investment company. You can obtain a prospectus and summary prospectus from your financial representative. Read carefully before investing.