Why Are Gas Prices Up 31% from Last Memorial Day?

What’s the story?

• Gas prices are the highest they’ve been since 2014, with the national average at $2.97 a gallon.
• Democrats are demanding that President Donald Trump work to lower the prices Americans pay at the pump:

Why the rise?

CNNMoney listed a number of reasons:

• People are driving more – AAA estimates 41.5 million Americans will hit the road this weekend, the highest number since 2005.
• Crude oil up 50% over last year – “Brent crude, the global benchmark that tends to influence US gas prices, recently topped $80 a barrel.”
• OPEC and Russia – The Organization of the Petroleum Exporting Countries joined with Russia to slash production in early 2017 “in a bid to fix a supply glut.” This resulted in a steady decline of oil stockpiles, especially in the U.S.
• The Iran deal – Iran is the world’s fifth-largest oil producer.

"According to energy analysts and experts, President Trump’s reckless decision to pull out of the Iran deal has led to higher oil prices,” Senate Minority Leader Chuck Schumer said at a press conference held at a Capitol Hill Exxon station on Wednesday, where a gallon of regular costs $3.89. “These higher oil prices are translating directly to soaring gas prices, something we know disproportionately hurts middle- and lower-income people.”

What do you think?

• Schumer said Trump should take action on OPEC and pressure oil companies to pass the money saved from the 2017 tax-reform bill to consumers at the pump.

• But Sen. Jim Risch (R-ID), a member of the Senate Natural Resources Committee, told Business Insider that the increase should be blamed on basic supply and demand economics:

“It's a free-market system. Prices will go up and prices — I guarantee it — prices are going to come down. Are they going to hold another press conference and give him the credit for it? I doubt it."

• Should Trump be doing more to bring down the price of gas? Or is it simple supply and demand? Are you feeling pressure at the pump? Hit Take Action and tell your reps, then share your thoughts below.

—Josh Herman

(Photo Credit: fredrocko / iStock)