Gasoline costs surged nationwide for the first time in nearly eight weeks after oil prices hit a two-year high. Oil prices were already on the rise, but jumped higher after an anti-corruption purge in Saudi Arabia seen as an attempt to consolidate power around the crown prince led to the arrests of several other princes and ministers. Crown Prince Mohammad bin Salman, 32, has expressed support for extending oil production cuts amongst the Organization of the Petroleum Exporting Countries. The U.S. benchmark for oil hit $56 a barrel Monday morning, while the European benchmark in the North Sea ticked above $62.
CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER
Written by Jordan Blum at The Houston Chronicle