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Gas Prices Keep Rising, Oil Nears $100

Gasoline prices. Source: Energy Information Agency
(Feb. 22, 2011) - Gasoline prices rose to $3.189 per gallon in the US, the Dept. of Energy reported. Diesel fuel rose to $3.57 a gallon.

Gasoline broke the $3 per gallon mark in December and continued to climb at a rapid rate in January as political tensions broke out in the oil-rich regions of North Africa and the Middle East.

West Texas Intermediate oil has returned to prices above $90 a barrel. During the initial protests in Tunisia it topped that level, but subsided.

But in the last week, Libyans have taken to the streets to challenge the rule of Moammar Qaddafi, and WTI pushed above the $90 mark again. Brent crude, traded in London, topped $106 in trading today; that blend of oil had been rising before the protests due to production shortages.

In Libya Qaddafi and his son say they will use violence to put down the protests, threats that have increased the risk premium on oil.

For information on controlling your gasoline costs, click here.