Oil rig prices have gone up again in recent weeks.
Last week, the benchmark Brent crude oil contract climbed by nearly 2% to $54.89 per barrel on Tuesday, according to Bloomberg data.
Brent crude was up more than 2.5% from a week earlier.
It was the fourth straight week of gains.
That’s an increase of more than 25%.
That’s up from the year-ago peak of about 8% in April.
The price jump is mostly driven by the increased supply of oil from North Dakota.
Last year, oil rigs were at a record high of 3,988, according the U, and that number is up to 3,738 this year.
The rig count rose by 730 rigs last year.
That was mostly due to increased production from the Bakken shale formation in North Dakota, where the U’s Bakken Shale oil production was the highest ever in April, according data from the National Association of Realtors.
The oil rig count in the United States is expected to grow by 6,000 rigs in 2018, according a recent report from Goldman Sachs.
The Bakken has been a big contributor to the boom in the oil industry.
The industry has produced more than 4 million barrels of oil per day for the past year.
It has added more than 5,000 oil rigs to the production since 2014.
The increase in rig count, combined with the recent increases in gasoline prices, has caused gasoline prices to spike.
The gasoline price for a gallon of regular unleaded has risen about 40% in the last three months to $3.39, up from $2.50 a year ago.
It’s been the biggest increase in gasoline since June 2017.
That spike was due in part to the rise in gasoline production.
The average price of a gallon has risen by more than $1 since July, according an analysis from GasBuddy.
The rise in the price of gasoline has driven some consumers to buy gas instead of buying other goods and services.
The National Association for Energy Efficiency said the increase in the cost of gasoline was the biggest factor behind the surge in gasoline purchases.
Gas prices are expected to rise further in 2018 as well.
The Organization of the Petroleum Exporting Countries recently announced it will hold a summit in late 2018 or early 2019 to discuss the future of the oil price.