Oil tops $60 a barrel, gas prices on the rise
For the first time in over a year, U.S. oil is now above $60 a barrel.
The rise is mostly due to economic optimism, the vaccine rollout and winter weather.
The last time the price of West Texas oil was higher than $60 was January 7, 2020.
That was when reports of coronavirus infections began to spread.
Since Election Day, oil has rallied again as prospects for economic stimulus and vaccines have grown.
Now a rare round of winter weather in Texas has limited oil operations, driving the price even higher.
This means you could be paying more at the pump. A gallon of gas rose to $2.51 on average Monday, according to AAA. That is 7 cents higher than a year ago and up 14 cents from last month