Why Silicon Valley Doesn’t Mind Rising Gas Prices

Gas prices have been steadily climbing since February 2016. In June, the average U.S. retail cost of a gallon of gasoline was $2.97, up more than 20 percent from the same time last year. We're a few cents away from a national psychological milestone, $3 a gallon. Meanwhile, the price of a barrel of crude oil recently hit $72.94, up 62 percent in just one year. The Drudge Report, always with a finger on the pulse of America's anxieties, blared a warning about the soaring gas prices in its lead headline on Tuesday. And President Trump demanded that OPEC "REDUCE PRICING NOW" in a tweet the same day.

But companies like Facebook and Alphabet Inc. don't spend much time worrying about the cost of gasoline, so why am I musing about rising oil prices in a tech newsletter? With new investments all over the transportation industry, what happens in Silicon Valley is more connected to the Permian Basin than ever.