By Evan Belanger

Gasoline prices climbed to a regional average of $2.48 per gallon over the weekend, and economists say motorists should expect more of the same for much of the summer.

Nationally, the price of crude oil climbed 3-percent Thursday, hitting $66.03 per barrel — up $1.95 from the day before. The jump helped push the national, average price for driving fuel up to $2.65 per gallon of gasoline and $2.67 per gallon of diesel, according to the U.S. Energy Information Administration.

Economists are not optimistic about any significant price relief taking effect anytime soon.

“I think there can be a little bit of movement up or down, but the longer-term trend is that it’s going to go up,” said Auburn University economist Daniel Gropper Monday.

Early in the year, domestic petroleum prices were in a downward trend as Gulf Coast oil rigs came back on line after sustaining damage in Hurricane Katrina in 2005.

According to Gropper, a sharp increase in demand last month combined with a fairly static supply has canceled out most of the price reduction.

In Cullman Monday, gasoline prices were slightly higher than the regional average, but lower than the national average, ranging from $2.49 to $2.59 per gallon.

• Demand: Much of the recent rate hikes can be attributed to increased demand as a result of summer driving.

Spurred by warmer-than-normal weather and a strong economy, drivers are hitting the road more often and spending more time driving than they did over the winter.

While there tends to be an increase in demand during the summer, economists say it is hitting months earlier this year than it normally does, and it’s not clear when or where it will peak.

“In the next couple months, prices will continue to increase, but not much more than they already have,” Gropper said. “But that’s just a seat-of-the-pants guess.”

• Supply: Also contributing to the price hikes, overall supply has not kept up with increasing demand since OPEC (Organization of Petroleum Exporting Countries) began cutting oil production last year in response to falling crude-oil prices.

Supply is also being impacted globally by increasing consumption in China and India, which are going through periods of economic growth that far exceed growth in the United States.

• Iran: Despite hints of possible conflict resolution, the dispute between Britain and Iran over 15 captured British sailors and marines continued Monday.

The debate is helping to push prices higher with investors fearing possible sanctions against Iran could halt oil shipments from the world’s fourth-largest oil producer. If sanctions are enacted, they will likely decrease world crude oil supplies further.

Iranian authorities promised Monday to stop television broadcasts of captured the military personnel confessing they accidentally invaded Iranian waters. The crew was captured by Iranian forces March 23 while operating a small craft in the Persian Gulf.

British officials originally contested Iranian claims that the boat had strayed into Iranian waters and demanded the crew’s return, but agreed Monday to discuss possible measures to avoid any confusion over Iranian territorial waters in the future.

• Long term: In the long term, annual gasoline prices in the U.S. have been increasing by an average of 30 cents per year since 2002.

The largest increase was in 2005, when the average, annual price jumped 45 cents from the year before. The highest average, annual price was recorded last year at $2.52 per gallon.

According to economists, U.S. drivers should not expect relief any time soon.

“As all these economies are growing very rapidly around the world, it puts additional pressure on prices,” Gropper said. “I just don’t think we’re going to see $1.50 or $2 gas again.”