"But what should really terrify Republicans is RBOB - the futures price on wholesale gasoline. This is up 75 cents a gallon since its low earlier this year. RBOB is a key refined byproduct of crude oil. The soaring price of its futures suggests prices at the pump will rise by a similar magnitude."
"Gasoline RBOB April futures have surged from about $1.70 a gallon at the start of this year to around $2.70 on Friday, a roughly 60% rise in just over two months. Trump's pledge to bring down prices as president is set to be a key talking point in this year's midterm elections."
Wholesale gasoline futures prices, measured by RBOB, have risen approximately 60% from $1.70 to $2.70 per gallon in just over two months. This sharp increase in the refined crude oil byproduct suggests similar price rises at the pump. The surge stems from US-Iran conflict tensions affecting energy markets. Trump's campaign promise to reduce prices faces credibility challenges if elevated gas costs are attributed to his military actions. Krugman warns of prolonged energy market disruption without a clear resolution to the conflict, potentially impacting Republican prospects in midterm elections.
Read at Business Insider
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