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‘Seismic’ blue wave triggers the sinking of oil prices, energy stocks, and the chances of power permitting reform
U.S. Sen.-elect James Talarico (D-TX) and Texas gov.-elect, State Rep. Gina Hinojosa toast with a fountain beverage at a Whataburger restaurant at the conclusion of a midterm election night watch party at the Long Center on November 3, 2026 in Austin, Texas.
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Most energy stocks fell Wednesday after Democrats' midterm wins, while the Dow gained about 3%. Texas power producers took heavy losses, with NRG Energy down 12% and Vistra off 15%, as the result raised doubts about data center growth. Florida utilities such as NextEra Energy gained. Oil dropped 8% to below $100 a barrel, its first time under that mark in nearly a month, after Trump played down escalation in Iran. Transmission developer Quanta Services fell 12%. The bipartisan permitting bill would speed energy construction for renewables and pipelines alike, but some Democrats may hold out until next year, and it still needs Trump's signature. Sponsor Sen. Sheldon Whitehouse urged colleagues to keep backing it.
Why it matters: Election results are moving energy and data center stocks and the outlook for federal permitting, which shape power costs and infrastructure that AI and data-heavy industries rely on.
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