Democrats regained full control of Congress in the US midterm elections held on 3 Nov, winning sweeping victories that were widely described as a historic defeat for President Donald Trump. In Texas, James Talarico, Gina Hinojosa and Bobby Pulido won their races, giving Democrats all key state offices there for the first time in 30 years. Attention has now shifted to the 2028 presidential race, where no Democrat has emerged as a clear favourite and Democrats remain divided over whether to move toward the centre or further left.
Moody's Analytics
3 stories since 28 October 2026, newest first
4 November 2026
28 October 2026
US gasoline averaged about $4.29 a gallon on 26 Oct, according to AAA, up from $3.05 a year earlier and roughly 43% higher since the conflict with Iran began in February. Diesel averaged about $6.35 a gallon after hitting a record $6.53 in September. GasBuddy analyst Patrick De Haan expects gasoline to stay above $4 and diesel above $6 through Election Day. The Centre for Research on Energy and Clean Air (CREA) estimates US consumers have paid an extra $471 in fuel costs since the war began. White House spokeswoman Taylor Rogers said prices would fall once the conflict ends.
The US military has spent at least $47.1 billion on the war with Iran through 16 Oct, according to a Pentagon estimate shared with Congress. Replacing expended munitions is projected to cost about $29 billion, and replacing lost equipment such as aircraft and drones is put at more than $6 billion. The figure is more than 25 percent above Defence Secretary Pete Hegseth's July estimate of $37.5 billion. US officials have told regional allies to prepare for possible renewed strikes after the 3 Nov elections, though President Donald Trump has not made a final decision.