Oil prices up nearly 70% since election

(CNN) The price of oil is up nearly 70% since the election; that’s a record rise in the modern era.

Analysts say the main reason for the increase is optimism that the worst of the pandemic is over and Americans will begin traveling again.

Prices at the pump have also climbed 27% since the election.

According to AAA, the national average for a gallon of gas is $2.70.

The price is not expected to top $3.00 a gallon this year, though.

There is concern that if gas prices get too high, it might slow the expected economic recovery.

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