Rising Gas Prices Threaten to Wipe Out Trump’s Tax Cut Benefits

The Trump tax cuts were supposed stimulate growth, and while conventional wisdom held that it would be the US economy that would be boosted, it now appears that only US oil companies, or rather their shareholders (and the occasional OPEC member) will get the benefit of the extra cash jolt.

The reason: sharply higher oil prices, which today settled at a fresh 4 year high, are dragging gasoline prices across the country higher, and are rapidly approaching the psychological $3/gallon level, last seen in late 2014, just before the “OPEC Thanksgiving massacre” of 2014.

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