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Higher Crude Oil Prices Increase OR Pump Price
Triple A of Oregon reports that gas prices are increasing after several weeks of declines. The national average for regular unleaded increases two cents this week to $3.53, while the Oregon average increases nine cents to $3.68. Rising crude oil prices have put upward pressure on pump prices. This week, crude is trading above $95 per barrel.
These higher oil prices have been broadly supported by signs of economic recovery. However, news over the weekend of an Israeli airstrike in Syria raised concerns of a possible disruption to oil supplies in the Middle East and added to the upward pressure on prices. In the spring of both 2011 and 2012, oil prices rose substantially on violence and escalating geo-political tensions with Libya and Iran respectively, before tumbling as these concerns were alleviated heading into the summer.