Oil is up nearly 70% since the election, a record in the modern era
The oil market is starting off the Biden era with a bang. That means Covid-weary Americans returning to the roads this spring and summer will be greeted with higher prices at the pump.
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"Higher oil prices are a reflection of optimism about economic growth as the world begins the process of vaccinations to move past the pandemic," said Jason Bordoff, founding director of Columbia University's Center on Global Energy Policy.