California drivers are paying some of the highest prices in the U.S., with one county averaging more than $6 a gallon. gasprices alabamanewsnetwork
, taking aim at Russian President Vladimir Putin's main revenue source as Russian forces continue to batter Ukrainian cities. Brent crude oil, the benchmark for oil prices, jumped on Tuesday about 5% to more than $129 a barrel., accounting for about 12% of the world's supply. Any disruption to those exports is likely to drive prices at the pump higher for consumers almost everywhere, experts said.
The price of gas could decline later this year, according to David Kelly, chief global strategist at JPMorgan Funds in a research note. That would depend on greater U.S. shale oil production and greater output from OPEC members, among other developments, he noted. met this weekend with the government of Venezuela
Still, Wall Street analysts said that adding more oil to global markets through stepped up production by the U.S., Venezuela, Iran or OPEC is unlikely in the short term to significantly curb prices.