Prices hit $107 a barrel -- the highest level since September 2008 -- before settling in at $105.44. The rise in oil is driving U.S. gas prices to levels that weren't expected until at least April.
Prices at the pump have jumped an average of 39 cents per gallon since the uprising in Libya began in mid-February. This has forced drivers to pay $146 million more per day for the same amount of fuel.
According to AAA, the national average hit over $3.50 per gallon on Monday. Prices here in the Permian Basin are little lower, with most locations posting unleaded prices around $3.44.