Oil is up nearly 70% since the election, a record in the modern era

The oil market is starting off the Biden era with a bang. That means Covid-weary Americans returning to the roads this spring and summer will be greeted with higher prices at the pump.

US oil prices have skyrocketed 69% since November's election based on Thursday's close at $63.50 a barrel. That's easily the biggest post-election gain through this point in the presidential cycle since NYMEX oil futures began trading in 1983, according to a CNN Business analysis. The next closest post-election rally occurred when crude jumped 31% after President George H.W. Bush's victory in 1988.