Pain at the pump: Crude oil prices at the highest level in more than 3 years; expected to climb
MILWAUKEE — The news on gas prices definitely won’t pump you up! Fuel costs are going up, just in time for summer.
Crude oil prices are at the highest level in more than three years, and expected to climb higher, and you may feel pain at the pump during your summer travels.
The U.S. daily national average for regular gasoline is $2.81 per gallon, as of Monday, April 30.
Crude oil prices hit $68.64 last week, the highest since December 2014, and benchmark U.S. crude oil closed Friday, April 27 at $68.10.
Two factors may be affecting the rise in prices — good economic growth globally, which is raising demand for fuel, and OPEC initiating production cutbacks last year that have cut into supplies.
Drivers in western states like California, Oregon and Washington, as well as Alaska, Hawaii, Connecticut and Pennsylvania are paying the most at the pump. The average retail price in those states is running from $2.95 to $3.61 per gallon.