Lingering U.S. Winter and Ukrainian War Could Spark Perfect Gasoline Storm

The extreme winter weather pounding the eastern half of the United States is keeping many drivers at home. That means less demand along with lower prices at the pump compared to last year. Unless something gives, however, geopolitical issues in Ukraine could spell trouble for consumers, AAA said Monday. AAA reported a national average price for a gallon of regular unleaded gasoline in the United States of $3.46, a price that's 17 cents higher than the same time last month but 30 cents less year-on-year. The national average price for Monday, however, is the highest since Sept. 24 and marks the 24th straight day of increases. AAA said gasoline prices in the United States ended February with the largest on average increase since July. The lingering cold weather, along with regular maintenance at the nation's refineries, means it may be April before prices start to come back down for U.S. consumers. For Green, the situation overseas could make what's normally one of the costliest seasons for gasoline prices even worse for U.S. consumers. Gasoline futures have increased "significantly," he said, because of the potential that oil prices will increase further in response to the Ukrainian crisis...more