I just watched a news report that gas (at least in some parts of the country) has reached $3.00 per gallon.
I understand that there is a global oil market, and that there's a war in Syria, tension with Iran over the Obama nuclear deal broken, and over the U.S. (as promised 30 years ago) recognizing Jerusalem as Israel's true capital and moving our embassy there. All these risks of war typically result in the global price of oil rising.
What isn't as clear is why that affects price in the U.S.
Starting in the latter years of Obama's administration, the U.S. started increasing domestic oil production. (Historically, the U.S. produced 100% of its own oil, and even exported to other countries. Sometime in the late 1960's/early 1970's, we began importing oil from the mid east, partly because it was cheaper, and also to preserve our own oil reserves.)
While the U.S. dollar has been declining in value (Obama printed over $3 trillion in new currency, quadrupling the money supply) oil in those years initially went down even as the dollar declined in value globally. Because we were producing more of our own oil.
So I'm not really sure why oil is rising domestically now. Despite Middle East tensions and lowering oil production by OPEC to manipulate an increase in price, that should still not affect us, because within the last year, it was announced that we now can produce 100% of our own oil again, and therefore are no longer dependent on the global market.
We still buy oil from Mexico, Canada, and possibly a few other foreign suppliers. But our oil independence should allow us to a large degree to negotiate a better price.
I know as we go into summer, the hotter months, oil producers make a change to the mix of gasoline to make it more stable in hotter temperatures. Which results in a slight seasonal price increase. But it seems be gradually rising way above that.
I still remember the lowest it's been in about 30 years, leading up to the 2000 election, when I was paying $1.06 per gallon.
Would that we were there again, if only...
My greatest concern is it going up above 3.50/ 4.00 per gallon or higher. There are leftist/environmentalist wack jobs who would like to see gas rise in the U.S. above $8.00 per gallon, as in Europe, to leverage environmentalist goals and dependence on mass transportation over cars. A certain presidential candidate in 2008 said "Under my plan of a cap and trade system, energy prices would necessarily skyrocket." A way to control people by energy rationing.
I don't want to see plans along those lines to re-emerge.