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U.S. Gas Prices Up 11 Cents in July

Gasoline prices are climbing back upward, and rising tensions in the Middle East aren’t helping matters.

Steven Puetzer, Getty Images

Since the start of July, the average price at the pump has risen 11 cents, with a gallon of regular gas now averaging $3.44.

Pump prices are expected to creep higher in the coming weeks, and analysts say they aren’t likely to fall back to their June low of $3.33 for the rest of the summer.

The price of a barrel of crude oil rose about 3 percent today to $92.66, the highest level since mid-May. The price has risen $15 a barrel since late June.

The oil market is responding to a series of events in recent days that have again raised concerns that Iran will try to block oil shipments through the strait of Hormuz.

Lowest Gas Prices in New Jersey
New Jersey Gas Prices provided by GasBuddy.com

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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