Get ready for a little bit more pain at the pump this summer.
Crude oil prices are at the highest level in more than three years and are expected to keep climbing, pushing up gasoline prices along the way.
The U.S. daily national average for regular gasoline is now $2.81 per gallon. That’s up from about $2.38 per gallon a year ago, according to Oil Price Information Service. And across the U.S., 16% of gas stations are charging more than $3 per gallon, AAA says.
Baton Rouge drivers are faring a little better, with the average price of gas at $2.48 this morning, according to Gasbuddy.com.
“This will be the most expensive driving season since 2014,” says Tom Kloza, global head of energy analysis for Oil Price Information Service.
The price of U.S. crude oil has been on a mostly steady incline since last June, last week hitting $68.64, the highest since December 2014. Benchmark U.S. crude closed today at $68.57. Oil prices near $70 per barrel shouldn’t put the brakes on economic growth, however.
Several factors have helped drive oil prices higher. A wave of global economic growth has driven up demand for oil. At the same time, production cutbacks initiated by OPEC last year have helped whittle down oil supplies.
