Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Expand chart
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

3 hours ago - World

Map: A look at world population density in 3D

This fascinating map is made by Alasdair Rae of Sheffield, England, a former professor of urban studies who is the founder of Automatic Knowledge. It shows world population density in 3D.

Details: "No land is shown on the map, only the locations where people actually live. ... The higher the spike, the more people live in an area. Where there are no spikes, there are no people (e.g. you can clearly identify ... the Sahara Desert)."

Biden's Day 1 challenges: The immigration reset

Illustration: Aïda Amer/Axios

President-elect Biden has an aggressive Day 1 immigration agenda that relies heavily on executive actions to undo President Trump's crackdown.

Why it matters: It's not that easy. Trump issued more than 400 executive actions on immigration. Advocates are fired up. The Supreme Court could threaten the Deferred Action for Childhood Arrivals (DACA) program, and experts warn there could be another surge at the border.

13 hours ago - Sports

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.