Gasoline Prices Surge Anew in U.S. as Supply Concerns Deepen
- War is doing to gasoline what it has already done to diesel
- Bullish futures, spot markets are pricing in supply threats
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Gasoline is rallying in the U.S. with pump prices rising to within a hair of a record three weeks ahead of the peak driving season.
Futures in New York closed at a record high on Friday, as did wholesale prices in New York, Houston and Portland, Oregon. The country’s average gasoline retail price rose to $4.328 a gallon on Sunday, according to auto club AAA, within a fraction of a cent of its $4.331 a gallon peak reached in early March, shortly after the U.S. banned oil from Russia following its invasion of Ukraine.