Oil is Up Nearly 70% Since The Election, a Record in The Modern Era

US oil prices have skyrocketed 69% since November’s election based on Thursday’s close at $63.50 a barrel.

That’s easily the biggest post-election gain through this point in the presidential cycle since NYMEX oil futures began trading in 1983, according to a CNN Business analysis. The next closest post-election rally occurred when crude jumped 31% after President George H.W. Bush’s victory in 1988.

Gasoline prices are also on the rise, climbing 27% since the election, with the national average hitting $2.70 a gallon this week, according to AAA.

In a report titled “Oil’s Last Dance,” Bank of America recently predicted EV sales will reach 34% of total car sales by 2030 and overtake gas-guzzling vehicle sales by 2035. The bank expects global oil demand to peak around 2030. CNN