Oil prices rise above $60 as Texas pummeled with snow, ice

(CNN) - For the first time in over a year, United States oil is now above $60 a barrel. The rise is mostly due to economic optimism, the COVID-19 vaccine rollout and winter weather.

The last time the price of West Texas oil was higher than $60 was Jan. 7, 2020, when reports of coronavirus infections began to spread. By April, travel came to a standstill, and oil plummeted into negative territory.

Oil steadily rose until sitting in a holding pattern near $40 for several months.

But since Election Day, oil has rallied again, surging 64%, as prospects for economic stimulus and vaccines have grown.

Now, this week, a rare round of winter weather in Texas has limited oil operations, driving the price even higher.

All this means you could be paying more at the pump. A gallon of gas rose to $2.51 on average in the U.S. Monday, according to AAA. That’s 7 cents higher than a year ago and up 14 cents from last month.