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.
This story by Alex Veiga originally appeared in Yahoo Finanace.
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 percent of gas stations are charging more than $3 per gallon, according to AAA.
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 Monday at $68.57. Oil prices near $70 shouldn’t put the brakes on economic growth, however. While it’s boosting costs for some sectors of the economy, the energy sector and related industries have more money to spend on equipment and workers.
But higher oil prices are certainly an inconvenience for drivers, especially those with lower incomes.