It’s Not Your Imagination — Gas Prices Are Higher Under Trump

Take a look at this graph from AAA and you might think, “Yes, the price of gas seems high but it’s not the highest it’s been lately. Look how high it was in June of 2015! And how about September of 2017? Thanks Obama!”

Hold on. While it’s true that the price at the pump always goes up in the summer, look at each of the past Januaries. Now are you feeling worried? You probably should be.

According to Triple-A, it’s all about the price of crude. And we’re screwing it up, or should we say, “fracking it up,” since shale oil is a big factor in the pricing equation.

Market observers remain cautiously optimistic about this year due to worries about growing production rates from large producers who are not participating in the OPEC production agreement. These producers, such as the U.S., could thwart OPEC efforts to rebalance supply.

Last week’s U.S. oil rig count from Baker Hughes, Inc. showed that the number of active oil rigs increased by 12, raising the total to 759. For drivers, the crude price rally could mean even higher pump prices in the near future.

Thanks, Trump!

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