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Opinion
Julian Lee

Just in Time for Election Day: Gas at $3 a Gallon

It’s really hard to see how OPEC+ can make up for lost Iranian production before Americans go to vote.

Trump wants more oil. MBS has an uphill climb to produce it.

Trump wants more oil. MBS has an uphill climb to produce it.

Photographer: AFP Contributor/AFP

Gas prices are going in the wrong direction for American consumers. The national average is climbing towards $3 a gallon at a time of year when it should be falling. With midterm elections around the corner, that is uncomfortable news for incumbents.

The reason is not hard to find. President Donald Trump decided to take almost 3 million barrels a day of crude oil off the market by reinstating sanctions on Iran, just as OPEC and its friends had succeeded in draining excess global inventories.