Oil prices are up now, but surge might be short-term

Oil prices have jumped by about one-third since the summer on signs of stronger economic growth around the world and fear of instability in the Middle East.

So far, however, the run-up isn’t setting off alarm bells. Prices remain far below their 2014 peaks. And U.S. producers are pumping at a record rate, leading some experts to bet that the higher prices won’t last long.

Still, consumers will feel the effect, even if it’s less dramatic than price spikes in 2008 and 2014. In the U.S., the average price for a gallon of regular gasoline has risen 30 cents since early July.

Rising fuel prices could also result in airlines cutting back on plans to increase flying next year, which could tighten the supply of airline seats and drive up airfare.