Price of Gas Up 50 Cents Over the Past Week

There are concerns about where the price of gasoline will be going over the next several days, now that the cost of oil is up considerably over the weekend alone.

Although the oil price overnight into Monday is nowhere near a record, it does represent a major increase over just ten days ago, having gone up more than 20-percent in the past several days.

In today's dollars, the most expensive gasoline ever was in 2008, when oil went to the equivalent of $220 a barrel -- about twice the price of today's $110 per barrel.

GasBuddy analyst Patrick DeHaan says the spikes in gas prices nationwide are noticeable but not alarming.

"Up to about $3.41 a gallon, now stands at 51 cents higher than where we were a week ago when we stood at $2.94

"This is now the fifth largest increase that GasBuddy has seen going back to the year 2000."

DeHaan says causes include the effective closing of the Strait of Hormuz and the fact that Iran, Israel and the United States have been targeting energy facilities for bombing raids over the past few days.


Sponsored Content

Sponsored Content