With gas prices now at a four-year high, many are now wondering how much longer they can keep it at this level.
With gasoline prices rising, many have started looking at alternative sources of fuel, like diesel.
And with the number of oil wells around the country now at record levels, many believe we could soon see more oil wells drilled, and more fuel available to burn.
Here are some of the key developments this week.
With gas prices at a record high, some are now asking how long can they keep it this high.
The price of gas on Monday jumped nearly 50 cents to $3.15 per gallon in New York, as the average price for regular gas increased more than 11 percent from a year ago.
That’s the highest since August 2015, according to GasBuddy.
The surge in the price of gasoline comes as many of the nation’s biggest producers are ramping up production of their new heavy-duty vehicles.
The average price of a gallon of regular gas jumped more than 10 cents to around $3 in New Jersey on Monday.
GasBucket’s weekly price of regular gasoline spiked over 50 cents in New Mexico on Monday, and a similar spike is forecast in the state on Tuesday.
A few days ago, President Donald Trump signed a bill into law to allow U.S. companies to produce more oil and gas from the U.K. and Canada to meet rising demand for its oil and natural gas.
The new law also allows the Keystone XL Pipeline, which would carry oil from the oil sands in Alberta to the Gulf Coast, to be built, although the route is still subject to a final environmental assessment.
But the rise in oil prices is unlikely to be enough to stop the industry from ramping production.
With gas and oil prices at record highs, many question if they can continue this trend.
We asked experts to share what they think will be the next oil boom in the next few years.
Some experts are worried about what the next boom will bring.
Dr. Jeff Kober, senior petroleum economist at Barclays, said in a statement Monday that the increase in oil drilling and the potential for additional exploration will increase the likelihood of a price spike.
“The next boom is going to be even more intense and likely driven by oil prices.
It is very difficult to see how this will stop.
A price increase of $40 a barrel is not a big price to pay,” Kober said.
A lot of energy companies have already been planning for a big oil boom and a glut in supply.
In October, for example, the New York Stock Exchange reported that Exxon Mobil and Chevron were both planning to spend $3 billion on projects that would produce more than 100 million barrels of oil per day.