Crude oil prices surged last week, posting a $4 per barrel increase on the week as concerns mounted about trade tensions with China, the situation in Syria and robust demand eating into global supply.
President Donald Trump's midweek tweet that missiles "will be coming" to Syria in retaliation for a chemical weapons attack in that nation was enough propel crude oil prices above $67 a barrel, a almost four-year high, before Friday's actual air strikes.
Gas prices are poised to spike, as analysts say the conflict in Syria has pushed crude oil prices to their highest levels in more than three years. As a result, gas prices at the pump have started what is expected to be a steep rise.
Local prices are 17 cents higher than a year ago.
Gas prices as of Sunday, were 30-cents higher than they were this time past year.
Average retail gasoline prices in Tacoma have risen 3.1 cents per gallon in the past week, averaging $3.25 per gallon, according to GasBuddy's daily survey of 271 gas outlets in Tacoma.
Alaska- $3.22/g, up 6.8 cents per gallon from last week's $3.15/g.More news: Bank of America's cost-cutting drive pushes profit to record
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In South Carolina, the state average is $2.48, a 5-cent increase on the week.
"Motorists should expect a 15-cent increase at the pump in the short term", Mark Jenkins, a AAA spokesman, said.
To stay updated with all the latest news, and offers. The possibility of US sanctions against Iran and another sponsor of the Syrian government, Russia, is driving up the price of crude oil, which increased by more than $5 last week. Let's just hope we don't go to extra innings.
"That could be very close to what we expect this time around", DeHaan said. "Refinery maintenance has gone well thus far, and gasoline supply has continued to push higher as more refiners conclude their work".
As recently as April 9, GasBuddy senior petroleum analyst Patrick DeHaan said: "As markets have seen concern rise of a possible trade war between the USA and China, oil prices have been hit hard, leading gas prices to dramatically slow their recent ascent".
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