Prices at the pump are now up almost two-thirds since the beginning of the year.
The average price for regular unleaded gas is about $2.67 per gallon.
This despite motorist's demand for gas remaining weak.
"We've seen a lot of flows out of other types of investments and into oil and gas and other commodities, which has placed a large role in running it up this summer," said Bruce Bullock with Southern Methodist University.
The good news? Media reports say we may soon be nearing a peak in prices.
The five cent per gallon rise in gas over the past week was the smallest increase since early May.
And prices have started to go down in the Midwest, where they've been paying the most for gas.