Undated (WBAP/KLIF) – Oil and gasoline prices rebounded after last year’s collapse in fuel demand, and appears to be rising further.
Last April, oil prices fell by more than $50 a barrel in a single day to less than zero.
But, in recent weeks, oil prices have surged to over $65 a barrel, a level that would have seemed impossible only a year ago, when some traders were forced to pay buyers to take oil off their hands.
Since then, gas prices have risen about 35 cents a gallon on average over the last month, according to the AAA motor club, and could reach $4 a gallon in some states by summer.
While overall inflation remains subdued, some economists are worried that prices, especially for fuel, could rise faster this year than they have in some time.
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