Oil prices at highest level in three years

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BISMARCK, N.D. - Oil prices surged to their highest level in more than three years this week, sending the price of a barrel of oil up to $74.15, the highest price since Nov. 26th of 2014.

U.S. gasoline prices are at a four-year-high this year as a result of the higher price of crude.

The Trump administration has aggressively pressed Saudi Arabia to boost output and the Saudis have complied, promising to ramp up production by as much as 2-million barrels a day.

Another option President Trump has for increasing the supply of oil is tapping into the strategic petroleum reserve to reduce pressure on oil prices.

Oil Prices reached the highest level on record on July 3, 2008, when crude sold at $145.29 a barrel.