Oil pulling in the US is getting so hot, it’s affecting the global economy, a top official said on Monday.
The US Energy Information Administration reported Monday that the price of crude oil in March was at $53.92 per barrel.
That’s higher than the $53 per barrel average for the past decade, according to Bloomberg data.
The price has surged by nearly 20% since February, when the US Energy Department released a report on global oil production.
“The market is still very sensitive to the recent price increases,” said Patrick McKenna, an energy economist at the University of Texas.
“It’s just a matter of how quickly that affects the global energy market.”
Oil pulling has become a frequent topic in the presidential campaign as candidates seek to shore up support among conservatives in the election year.
Trump, the Republican nominee, has blamed global warming for the rise in the price, saying the US needs to start drilling oil and gas wells in the United States.
He has vowed to increase domestic production to reduce the country’s reliance on foreign oil.
Democratic nominee Hillary Clinton has said the price hike will have a negative impact on jobs and the economy.
Trump has called for “a temporary halt to oil production in the U.S. until we can get our economy going again,” the Associated Press reported.