Gas Prices On The Rise Since Late January, North Sea Drilling To Blame

Oil prices in the North Sea have spiked since January causing gasoline prices in the U.S. to increase by 12 cents a gallon in a nationwide survey.

In the latest Lundberg Survey gasoline prices rose to $3.51 per gallon, that survey examines 2,500 filling stations across the United States.

The study also found that West Texas Intermediate crude, the U.S. benchmark fuel remained flat from January 20 through Friday.

During that same period Brent crude, the European benchmark traded up by $7.45 per barrel during the same period.

Currently increases in the North Sea are blamed on several factors including lower then expected production, tensions between most of the world and Iran and a cut off of southern oil in the newly formed South Sudan region. It’s still unclear how much prices have increased because of sanctions placed on the Iran Central Bank by the United States.

Lundberg expected prices to “inch up” at least a few more cents over the next few weeks.

Here are some of the average prices from cities around the world:

  • Atlanta: $3.54
  • Baltimore: $3.52
  • Billings, Montana: $3.03
  • Boston: $3.60
  • Chicago: $3.63
  • Houston: $3.42
  • Jackson, Mississippi: $3.38
  • Las Vegas: $3.41
  • Minneapolis: $3.45
  • Portland, Oregon: $3.48

Have you noticed big gas price increases in your area over the last 4-8 weeks?

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