Gas prices rise 11 cents nationally as oil prices rise

Published: Friday, July 20 2012 11:42 a.m. MDT

Gas prices have gone up 11 cents a gallon since the beginning of the month, according to CNNMoney.

While the national average for gas prices has only gone up 3 percent since July 1, according to AAA, oil prices have jumped 17 percent since they bottomed out at a low of $78.20 on June 21, according to CNNMoney. Crude oil is currently trading at almost $93 a barrel. The rise in oil prices was spurred by growing tensions with Iran, some easing of the crisis in Europe and hopes for additional stimulus from central banks.

"I think we'll see retail prices continue to tick up," said Andrew Lebow, an energy broker at Jefferies Bache in New York, told CNNMoney. He added that gasoline futures prices are up 40 cents a gallon since the end of June.

There probably won't be a 40-cent-a-gallon spike in retail prices, as cost changes on the futures market are rarely passed on to consumers, Lebow told CNNMoney. But he does expect another 5-to-10 cent jump in prices soon.

EMAIL: bbullock@desnews.com

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