You and your family will be paying more at the gas pump this summer.
It’s really bad timing for those of you who will be driving during your Memorial Day vacation. It’s hard not to notice, even when you can’t bear to look… Gas prices once again on the rise.
But, while the usual talk of the approaching summer driving season being the reason for the rise is out there, experts say there’s actually much more at work here than just the calendar.
Consider oil’s plunge from over $100 a barrel in 2014 to just below $30 a barrel in early 2016. But, since then, gas prices have been on the rise with West Texas crude now topping $71 a barrel; that’s up 14% since the beginning of the year.
Experts say that’s, in part, because Wall Street traders anticipated President Donald Trump’s decision to pull out of the Iran deal.
Market Strategist Bob Iaccino says, “Well, the market was prepared for the U.S. to pull out. It was a campaign promise. He’s been known to do whatever he can in his power whether good or bad for the present situation to keep his campaign promises.”
Rideshare Driver Sherry Wilson says, “When I first started, gas was only $2.20 a gallon. Now it’s almost up to $3 a gallon depending where you shop. That makes a big difference.”
Experts argue there’s frankly not much the president can do about the problem, short of tapping the nation’s strategic petroleum reserves, and that’s a move that would only give us temporary relief at the pumps.