Trump's energy deals are about to face a wave of investigations by Democrats

President Donald Trump is expected to face a wave of investigations when Democrats take control of Congress in January. His sweeping dealmaking in the energy sector is likely to become a central focus.

Democrats have pressed the White House for months on the legality of its intervention in Venezuela's oil sector and its cancellation of renewable energy projects funded by the Biden adminstration. They have raised conflict of interest concerns over numerous deals in the minerals sector.

But, until now, the opposition party could do little more than send strongly worded letters to administration officials. When the next Congress convenes in January, the Democrats will wield the subpoena power that comes with committee control, giving them the authority to compel testimony and the disclosure of documents.

The House Energy and Commerce Committee in the next Congress intends to pursue an aggressive oversight agenda to root out corruption, Rep. Frank Pallone, the New Jersey Democrat who will likely chair the panel, said in a statement.

With comfortable majorities in the House and Senate, Democrats will likely pass a war powers resolution that demands an end to the war, which has hiked fuel prices in the U.S. and around the world.

Crude oil prices sold off sharply Wednesday as the market expected the election defeat to push Trump to cut a deal with Iran. Vice President JD Vance blamed the Republican loss directly on the war, raising questions about whether there is support inside the administration to continue the conflict.

House Minority Leader Hakeem Jeffries, who will likely take over the House Speaker's gavel in January, said Wednesday that Democrats will "end this reckless and costly war of choice that has skyrocketed gas prices all across the country."

The new Congress will try to rein in the administration by passing legislation to stop the conflict, said Rep. Ted Lieu, vice chairman of the Democratic caucus. Jeffries has said Democrats will pass a war powers resolution, though Trump will almost certainly wield his veto. It is unclear whether Democrats will try to restrict funding for the war as well.

Nevertheless, tumbling crude prices could push gasoline below $4 per gallon in the next week and diesel under $6 by Thanksgiving, said Patrick De Haan, head of petroleum analysis at GasBuddy, in social media post Wednesday.

But the odds still favor military escalation in the Middle East, warned Bob McNally, president of Rapidan Energy and a former energy advisor to President George W. Bush.

"Iran is hardened in its uncompromising position," McNally said. "Trump, having now paid a huge price for his determination to prevent Iran from obtaining a nuclear weapon, is unlikely to let go of this legacy goal and walk away."