Trump Predicts Post-Midterm Oil Price Decrease, Iran Concession

Why it matters locally: A potential decrease in oil prices could alleviate some financial pressure on California's large population, which is heavily reliant on transportation. The state's diverse economy, including major agricultural and manufacturing sectors, is also sensitive to energy costs.

President Donald Trump indicated on Tuesday he anticipates a reduction in oil prices after the November midterm elections. He also offered the view that Iran will ultimately 'relent' following the conclusion of the pivotal U.S. elections. Trump made these statements during a conversation with reporters. The exchange occurred before he departed for Dallas, where he attended the midterm Republican convention.