While automakers in the United States continue to bank on crossovers, SUVs and trucks, consumers should expect to pay more at the pump than they’re used to.
The Detroit Free Press reported on Sunday that crude oil prices have soared to their highest points since 2014. Right now, the price hovers around $68.57. The higher price has caused gasoline prices to move away from the $2 mark, and closer to $3 per gallon across most of the United States. The west coast is already paying over $3 per gallon.
The national average for a gallon of unleaded gasoline is currently $2.85 per gallon, about 42 cents higher than this time last year. Analysts expect the prices to continue climbing throughout the summer, too.
The spike comes amid a global demand for oil during robust economic growth around the globe. The price is also far off from the Great Recession-era when Americans were regularly paying $4 per gallon. For some comparison, crude oil prices were at $130-plus a barrel.
Even as prices climb, experts said we shouldn’t see anything close to the oil prices of yore. Since then, the U.S. has become a major oil producer, and as demand rises, U.S. companies will begin churning out larger supplies.