“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” he wrote. Gas prices at the pump have followed suit, rising past $4 a gallon for the first time since 2022. “[Oil prices] in the month of March have been materially higher than any of these guys had expected. “Now we’re dealing with a much more severe supply event because the oil has been actually removed from the market.”Higher oil prices aren’t always a win for oil companies, Seagle said. For example, the US moved away from using oil to power electricity after the oil price shocks of the 1970s, he noted.

Source: The Guardian April 06, 2026 20:01 UTC