Indiana US Senate candidates discuss gas prices, inflation

With control of the US Senate at stake, Republican incumbent Todd Young faces Democratic nominee, and Mayor of Hammond, Tom McDermott in the 2022 Midterms. 

Both candidates, looking for ways to address so-called kitchen table issues, talked to ABC57 about soaring gas prices and record inflation. 

A gallon of regular gasoline costs $4.19 in Indiana, about 40-cents higher than the national average according to AAA. 

McDermott believes the rising prices are a result of foreign oil producers artificially raising costs by cutting supply, and President Joe Biden's move to dip into the country's strategic oil reserves is a good first step to cutting prices. 

"It's a Band-Aid. We are incredibly reliant on OPEC right now. And it seems OPEC is playing politics by cutting down production right before the midterm elections," McDermott said. "I think that's definitely on purpose. And I think the outrage you're hearing from people in the Senate and the US House of Representatives in their regards towards OPEC and Saudi Arabia are appropriate."

Along with increasing production, McDermott believes market forces like the war in Ukraine and lingering effects of the pandemic will slowly right themselves. 

Sen. Young's strategy to bring down the price of gas is reminiscent of the drill baby, drill slogan common among Republicans. 

"This utopian notion that we can immediately transition to an electrified economy and stop emitting carbon emissions in the air is simplistic and childlike," Sen. Young said. "So, to slow the transition we need to increase domestic production of oil and gas."

Meanwhile, yearly inflation as a whole is still above 8%, according to the Consumer Price Index. 

Sen. Young believes, along with cutting spending, the US needs to make moves to decrease regulation and increase competition. Counter to policies pushed under the Trump Administration, Sen. Young wants to see the GOP reduce the cost of imports by reducing tariffs. 

"I think the party, in all candor, is trying to figure out where they stand on trade. I think [there's] a nice sort of middle ground of ensuring we open up foreign markets for our ag producers and manufacturers, while bringing everyone along; from labor, to business leaders, to rank and file workers," Young said. "This [strategy led to] the USMCA agreement. And that model needs to be applied to other countries as we continue to expand our trade agreements. That will benefit all Hoosiers."

Specifically, Young called for trade agreements in the Asian Pacific. 

McDermott, while not giving any specific programs he wants to cut, said if the federal government wants to reduce inflation it needs to reduce its spending. 

"Sen. Todd Young has added $16 trillion to the debt of our country since he's been in Washington DC. And he wants us to think that Joe Biden walks in Washington DC a year-and-a-half ago, and [President Biden] is the cause of all the nation's problems, and all the inflation is Joe Bidens fault," McDermott said. "Todd Young, who's been [in office] since 2010, added $16 trillion to the nation's debt, yet has nothing to do with inflation? That's incredibly disingenuous."

Polls are open across Indiana from 6am-6pm on Election Day.