Higher Oil Prices, War, Inflation, And Illegal Immigration Expected To Complicate Biden's Election Prospects

As the 2024 presidential election inches closer, President Joe Biden faces a complex landscape of challenges that could significantly impact his reelection prospects. From soaring oil prices to escalating geopolitical tensions and persistent concerns over iNFLation and immigration, the road ahead appears increasingly fraught with obstacles.

The White House is particularly vulnerable to the repercussions of higher energy costs, especially as Americans prepare for the summer driving season. Gasoline prices in the U.S. have already climbed by 6 percent in the past month, New York Times reported.

Projections from JPMorgan Chase suggesting prices could exceed $100 per barrel by September.

Escalating geopolitical tensions are also complicating Biden’s reelection bid. Growing unrest in the Middle East, including recent attacks and retaliations involving Israel and Iran, threatens to disrupt global oil supply chains. Analysts caution that a direct coNFLict between these nations could further exacerbate oil price volatility, exacerbating iNFLationary pressures and economic uncertainty.

“If we get a direct coNFLict between Israel and Iran, that’s something that will likely restrict the supply of oil coming from the Middle East,” Matt Maley, an analyst at Miller Tabak + Co., told Bloomberg.

The Biden administration’s response to these international crises, including the recent tense phone call between President Biden and Israeli Prime Minister Benjamin Netanyahu, has also been felt in the financial markets. Stock markets experienced a downturn, reflecting investor concerns over rising energy prices and their implications for broader economic stability.

The situation in Gaza has been a touchy subject, with more and more Americans leaning pro-Palestine.

Recent polling indicates a significant shift in American public opinion regarding Israel’s actions in Gaza, with a growing majority expressing disapproval of what has been characterized as a “genocidal siege,” Truth Out reported. According to a Gallup survey conducted last month, 55 percent of Americans now disapprove of Israel’s Military operations in Gaza, marking a notable increase from 45 percent just a few months earlier.

The same survey reveals a decline in support for Israel’s actions, with approval dropping from 50 percent in November to only 36 percent currently. This decline in support cuts across political affiliations, although Democrats show the strongest disapproval, with only 18 percent approving of Israel’s actions compared to 75 percent who disapprove as of March. This shift among Democrats is particularly significant given Biden’s steadfast support for Israel, which has created a division within the party ahead of the upcoming general election.

The polling also sheds light on broader sentiments regarding President Biden’s handling of the Israel-Palestine coNFLict. Only 27 percent of Americans approve of Biden’s approach to what some view as “apartheid and genocide” in the region.

On the domestic front, immigration remains a contentious issue. Recent statistics reveal a record-high number of migrant encounters at the U.S.-Mexico border, surpassing 250,000 in December 2023, according to Pew Research. While this figure dropped in January 2024, the situation underscores ongoing challenges in border management and immigration policy.

President Joe Biden with the Crown Prince of Saudi Arabia Mohammed Bin Salman, July 18, 2022, Saudi Arabia. Photo: CBS News screenshot, https://www.youtube.com/watch?v=5qkP_0kN44Y