Back in July, president Donald Trump claimed that he would do everything in his power to lower gasoline prices in the U.S. by the time midterm elections came along. Fast forward a few months and, as midterms inch ever closer, gas prices are reported to be the highest seasonal cost within four years. This was the complete opposite of the mission of the OPEC as we have seen gas rise slowly but steadily ever since Trump’s election.
His strategy in this process was to tap into unused, emergency oil reserves in the U.S. It would come straight from Strategic Petroleum Reserve, a large amount of oil that was tucked away in order to be release during times of war, environmental catastrophe, or crisis. For Trump to use a safety net as a way to try and flip D.C. in his favor, it would be a risky move that could have dire consequences.
With the current state of gas prices, it seems like the oil reserve went untapped, thankfully. Because of this, gas prices will continue to rise ever so slightly as November approaches. Hopefully the prices for the last quarter of 2018 will not reach all-time-highs, but will eventually decline come 2019.
