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Note: Prices reflect the average annual price for one gallon of regular unleaded gas. Data: Energy Information Administration; Chart: Chris Canipe/Axios

U.S. oil production has more than doubled over the last decade, but American drivers haven't always reaped the benefits.

Why it matters: U.S. gasoline prices are priced largely on the global oil market, where America's oil boom has been one of many complex factors affecting prices over the last several years. Casual observers may link our increased oil production with what they pay to fill up their cars' tanks, but they shouldn't, experts say.

"It illustrates how the U.S. is part of a larger global system and how U.S. production levels are only one variable among many that affect the final price of gasoline."
— Jonathan Chanis, senior vice president of policy at Securing America's Energy Future

One level deeper: Gasoline prices are perched at the end of a long pendulum of global oil prices swinging back and forth.

  • Domestic pump prices spiked in 2008 when global oil prices were over $140 a barrel, and then they fell when oil hit $30 a barrel in 2016.
  • Gas prices rose again when OPEC members and Russia agreed to cut production in November 2016.
  • We're now seeing the pendulum swing back toward boosting production, in response to rising oil prices.
  • The price of oil neared $80 a barrel in May, and the average price for a gallon of gas neared $3.00.

Go deeper: Who's to blame for high gasoline prices

Go deeper

Ruth Bader Ginsburg will lie in state in Capitol's National Statuary Hall

Photo: Getty Images

House Speaker Nancy Pelosi announced Monday that the late Supreme Court Justice Ruth Bader Ginsburg will lie in state in the Capitol's National Statuary Hall on Friday.

The state of play: The Supreme Court also announced Monday that Ginsburg will lie in repose on the front steps of the building on Wednesday and Thursday, allowing the public to pay respects to the late justice outside.

Dan Primack, author of Pro Rata
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Retail traders drove Snowflake and Unity Software's IPO surges

Illustration: Sarah Grillo/Axios

The story of last week's Snowflake and Unity Software IPOs had little to do with data warehousing or 3D game development, and lots to do with dizzying "pops" after pricing.

What happened: The Robinhood effect.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 31,103,347 — Total deaths: 961,435— Total recoveries: 21,281,441Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 6,813,984 — Total deaths: 199,525 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Health: CDC updates guidances to say coronavirus can be spread through the air Nursing homes are evicting unwanted patients.
  4. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right."
  5. Education: College students give failing grade on return to campus.
  6. Business: Unemployment concerns are growing.
  7. World: "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.