Demand from the United States no longer determines the price of crude oil, Tradition Energy’s Addison Armstrong said on Wednesday’s Closing Bell. That price is now being determined by global demand from China, Europe and even Latin America – and that’s why the price at the pump here at home isn't likely to subside anytime soon.

NYMEX crude jumped to nearly $111 on the “surprising” drop in domestic inventories that, according to Addision, is a result of the U.S. exporting far more crude than it normally does this time of the year, just ahead of the summer driving season.