Summertime gasoline price increases are normal, but today's oil markets are undergoing fundamental change, according to experts. : U.S. consumers and businesses are bracing for higher oil prices in the coming summer months as demand swells. The price of a barrel of oil has been steadily rising since a low point of $42 (for WTI crude) and $50 (for Brent crude) in late December to current levels of about $66 and $73, respectively. OPEC and major oil producers like Russia continue to attempt to maintain prices by preventing a supply glut with caps on how much they produce.