Oil prices rose about 2% to a 13-week high on Wednesday as U.S. demand for gasoline has kept rising despite record pump prices, on expectations China’s oil demand will rise and on supply concerns in several countries.
Brent futures rose $2.77, or 2.3%, to $123.34 a barrel by 12:41 p.m. EDT. U.S. West Texas Intermediate (WTI) crude rose $2.64, or 2.2%, to $122.05.
The kooks on the left say “The President doesn’t control gas prices”.
But the truth is the Federal government Regulates the exploration, production and sale of oil. Which determines the supply of gas. Supply=price.