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[Ferro-Alloys.com]A Lakewood molybdenum company said rising prices for oil and gas are also driving up the price of molybdenum.

General Moly Inc. (NYSE: GMO) said the recent molybdenum spot price has topped $11 per pound, the highest it's been in four years. The rise is driven, according to the company, by rising oil and gas prices and the increase in the number of U.S. drilling rigs.

Molybdenum is used to toughen steel and make it corrosion resistant.

"Moly prices remain volatile, and with the continued recovery of the petroleum industry, we anticipate the potential for generally higher prices going forward in 2018," said Bruce Hansen, CEO, in a statement.

General Moly is trying to develop the Mt. Hope molybdenum project in Nevada.

General Moly said it also expected prices to rise back in November.

In March 2016, a Chinese company, AMER International Group, bought a majority of General Moly.

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• [Editor:Jiang Li Juan ]