West Texas Intermediate crude futures Friday were at about $71, up more than 3.5 percent in the last two weeks. Analysts said if that type of activity continues or intensifies, it could drive crude -and gasoline -prices even higher. Trump dropped out of the agreement this week, and shortly after, there was the first direct military confrontation between Israel and Iran, with Iran aiming rockets at Israeli forces. Oil prices have jumped recently as President Donald Trump moved to withdraw the U.S. Oil that year spiked above $145 per barrel, double current levels.įuel prices have been climbing this year, along with crude, which is up about 18 percent year-to-date. The highest prices ever for unleaded gasoline were in the summer of 2008, with national prices for unleaded averaging $4.11 per gallon. Last year, at this time the average was $2.33 per gallon, according to AAA. Gasoline prices have been rising steadily, with the national average up about five cents per gallon in the last week and 20 cents in the past month. Refineries are running at a high level, and utilization has been running over 90 percent. "Certainly, we could see several weeks this summer where gasoline demand is in excess of 10 million barrels a day…We could see new weekly records set this summer," said Andrew Lipow, president of Lipow Oil Associates. Analysts say low unemployment and tax breaks could be pushing up demand as more people drive to jobs and vacations. Gasoline demand, meanwhile, was at a high 9.8 million barrels last week, just shy of the record of 9.86 million barrels, and it is expected to rise during the summer. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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