The White House has been pressuring the production group to open the spigot to bring prices lower, but it was rebuffed again.
Daniel James Graeber
The retail price for a gallon of gasoline has been stuck at seven-year highs for several weeks.
Commercial crude oil inventories in the U.S. market are below the five-year average for this time of year.
The national average price for a gallon of gas is 20 cents higher than a month ago, creating tensions in the commodities market.
As prices continue moving higher, energy-related inflation could pose a threat to continued economic growth.
Desde el petróleo crudo hasta la gasolina y el gas natural, los precios de materias primas continúan alcanzando máximos históricos.
From crude oil to gasoline and natural gas, commodity prices continue to run multiyear highs.
At least for the short-term, the recent surge in commodity prices could start to reverse, analysts said.
Even the blending components for the fuel are more expensive these days.