Why have fuel prices been rocky and higher?

Fuel prices have been rocky lately, and it stems from a recent decision out of the White House, according to GasBuddy.

“The Biden administration issued harsher sanctions on shipping companies and vessels that would operate and take sanctioned crude oil from countries like Iran and Russia and deliver it to countries like China and India. Those reinforced sanctions will likely curb the flow of oil from those countries, essentially leading to a lower global oil supply,” said GasBuddy’s Patrick DeHaan.

DeHaan says tariff talks are also having an impact, specifically against places like Canada, which is our largest energy trade partner.

“The U.S. receives a significant amount of crude oil, especially from Canada, and so the Saber rattling on the front of threatening Canadian tariffs has had an impact on prices. And if President-elect Trump does follow through on those tariffs, will likely have a drastic potential impact on the economies of both the U.S. and Canada.”

Winter temperatures are also playing a role. More cold weather is expected in places like the Northeast, which could lead to more oil set aside for heating.

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