Don’t look now, but U.S. oil prices have spiked 50 percent since plummeting to $42.53 a barrel on Christmas Eve. What’s odd about this price rise is that the U.S. is experiencing a boom in oil production: America pumped a record 10.96 million barrels per crude a day in 2018, up by 17 percent from the year before, according to the US Energy Information Administration.
Nevertheless, trouble in the OPEC nations has helped send U.S. oil prices climbing back above $64 a barrel. Brent crude, the global benchmark, is already above $71 a barrel for the first time since mid-November.
We’re starting to see the effects at the gas pump. A survey of more than 5,000 gas stations conducted by AAA shows that the average price for a gallon of regular gas is now $2.75, up 11 percent in the last month. And the average price is already above $3 a gallon in six western states: California, Hawaii, Washington, Oregon, Nevada and Alaska.
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