Oil Prices Move Up for Eighth Consecutive Month

Reuters reports that the continued violence in North Africa is one of the principal factors behind the increase in the price of oil worldwide. As April comes to a close, oil prices were trading above $113, a 31-month high. This marks the eighth consecutive month of increased oil prices, a run that dates back to the depths of the global financial crisis in 2008. Overall, the slow steady rise in the price of oil is the longest upward movement since 1983.

“Geopolitical concerns in North Africa and the Middle East remain, with the conflict in Libya at an impasse and Syrian unrest increasing,” said Lawrence Eagles of JP Morgan.

In addition to violent demonstrations in Syria and the ongoing civil war in Libya, forays by Qaddafi loyalists into Tunisia and a deadly terrorist attack in Morocco have only added to the instability of the region, which is an important source of the imported oil that America is addicted to.

Thanks to this historic rise, more and more states are starting to see $4 per gallon gasoline. In some markets, the record-setting price of $4.11 per gallon gasoline has already been eclipsed.