Why Trump went back to Texas
Trump made a last-ditch stop in a state that usually leans conservative to lift Paxton in a close Senate race that could tip the chamber. Democrats need to gain four seats to take control, and the Texas matchup has put a longtime Republican stronghold in play.
He has been crisscrossing the map to aid candidates in close contests, many of them in states he easily carried in the 2024 presidential race. But his low approval ratings have opened the door for Democrats in places that once looked out of reach, and Texas has not sent a Democrat to the Senate in decades. After Corpus Christi, he staged another rally in Lubbock before heading back to Washington.
Energy, front and center
Trump leaned hard on gasoline costs. He argued the conflict in Iran has helped push energy prices higher and asked voters to be patient, saying prices would come down when the war concludes, even with the war now eight months old and no clear off ramp. "Short-term pain, right, for long-term gain. You're going to see very soon," he told supporters in Corpus Christi.
AAA put the average price for regular at $4.27 a gallon, up from $2.98 before the war. The squeeze on family finances has turned into the race's top theme, creating headwinds for GOP hopefuls in conservative strongholds like Texas. Trump also defended attacking Iran as "one of the greatest things I ever did."
The Venezuelan tanker and the oil deal
Trump drew attention to a Venezuelan crude carrier docking at the Port of Corpus Christi to highlight new supply and, to underscore fresh supplies, Trump highlighted a Venezuelan crude tanker arriving at the Port of Corpus Christi and previously told reporters he planned to go aboard the vessel. A White House official said the shipment came from North American Blue Energy Partners Inc., and that the company provided the first one million barrels to the U.S. at no cost as an act of good faith. A deal revealed in late August with the Pentagon grants the U.S. government a 35% ownership interest in the company.
Those barrels are bound for Texas refineries, including a Citgo facility in Corpus Christi and an ExxonMobil plant in Baytown, the official said. A person familiar with the terms said the oil came from the Orinoco oil belt and cost about $30 a barrel to produce, including the added diluent needed to move the heavy grade. Brent crude, the global benchmark, ended regular trading Tuesday just under $114 a barrel.
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The Trump administration has also touted that it now directs Venezuela's natural resources following the capture of former leader Nicolás Maduro. From the rally stage, Trump promised, "It'll be refined right here in Texas, including right here in Corpus Christi," and added that gasoline and diesel prices would fall "very quickly."
Politics, personality, and what it means for your portfolio
Trump cast Democrat James Talarico as too liberal for Texas and repeated personal jabs, asserting that Talarico is a vegan, is against gun rights, and backs transgender individuals. Trump," he said. "And I need the help of Ken Paxton."
Paxton carries controversies that have strained ties with fellow Republicans.
For investors, the thread is straightforward: a no cost crude tranche, a U.S. claim on a slice of a supplier, refinery runs in Texas, and public vows to tame pump prices. Watch how these supply moves and war related price signals flow into refining margins, crack spreads - the difference between crude costs and fuel prices - and energy equities before you reshuffle your exposure.
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