Midterm elections have favorable implications for oil and gas
The U.S. midterm elections were held on Nov. 4, with all 435 seats in the House of Representatives, and 36 of the 100 seats in the Senate, contested, along with 38 state and territorial governorships and 46 state legislatures. This was the most expensive midterm election in history, as spending totaled $3.7 billion. The elections saw sweeping gains by the Republicans in the Senate, House, and numerous gubernatorial, state and local races. Republicans gained control of the Senate for the first time since January 2007, increasing their majority in the House, while gaining a net two seats in governors’ races. Overall, the elections resulted in the largest Republican majority at the Capitol (Fig. 1) in nearly a century, with 54 seats (54%) in the Senate, 247 seats (57%) in the House, 31 governorships (62%), and 68 houses in the state legislatures. Republicans achieved their largest majority in the House since 1928, the largest majority in Congress, overall, since 1928, and the largest majority of state legislatures since 1928.
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