Business Kevin O’Leary says high oil prices will be ‘granddaddy’ issue in midterm elections by Sarah Davis - 03/11/26 10:37 PM ET by Sarah Davis - 03/11/26 10:37 PM ET Share ✕ LinkedIn LinkedIn Email Email NOW PLAYING Canadian investor Kevin O’Leary addressed the issue of spiking oil prices on Wednesday amid the U.S.’s ongoing military operations against Iran, saying it will be the “granddaddy issue” in the midterms. O’Leary made the remarks to Fox News’s Martha MacCallum ahead of Trump’s speech in Kentucky on Wednesday afternoon.  “This affordability speech, it’ll be about housing, it’ll be about protein, it’ll be about those issues, but the granddaddy issue is going to be energy,” the “Shark Tank” star told Fox News’s Martha MacCallum.  “That immediately affects every American family, and it is a visceral element in any midterm election,” O’Leary added. The average price of gasoline in the U.S. rose by 27 cents in the course of four days last week amid escalating military operations in the Middle East. The Iranian military has countered joint strikes from the U.S. and Israel with retaliatory attacks on U.S. bases and oil refineries in the Strait of Hormuz, bringing the transport of oil through the major trade corridor to a grinding halt.  President Trump largely credited his 2024 presidential victory to his campaign promises on affordability, and the cost of living is expected to be a major factor in this year’s midterm elections.  In a controversial move, the White House moved to loosen restrictions on the sale of Russian barrels after global oil supplies fell. Russia has reportedly been aiding the Iranian military by providing information to help them locate and strike U.S. bases in the Middle East.  But Defense Secretary Pete Hegseth  has rebuffed concerns that Russia is supporting Iran, previously saying that “no one’s putting us in danger.” Democrats have slammed the president over this move, including Sen. Elizabeth Warren (D-Mass.), the ranking member of the Senate Committee on Banking, Housing and Urban Affairs.  “ Donald Trump’s reckless war with Iran put Americans in danger and spiked our gas prices,” Warren wrote on the social media platform X. “Trump’s global energy shock and weakening of sanctions also hands a windfall to [Russian President Vladimir] Putin’s war machine.” Additionally, the president told a local Kentucky station on Wednesday afternoon that his administration would free up some of the U.S.’s Strategic Petroleum Reserve . Barrels from this emergency reserve have been released only four times in the country’s history, including in 2022 under former President Biden’s administration.  Energy Secretary Chris Wright said the administration will release a total of 172 million barrels starting next week — a process that could take around 120 days, he said in a Wednesday press release.  Add as preferred source on Google Tags Chris Wright Donald Trump Elizabeth Warren Joe Biden Kevin O’Leary Martha MacCallum Pete Hegseth Vladimir Putin Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Share ✕ LinkedIn LinkedIn Email Email More Business News See All Senate Senate panel highlights debt concerns as Iran expenses mount by Max Rego 11 hours ago Senate  /  11 hours ago