Q&A: Forecasters say gasoline prices likely to remain high

By DAVID KOENIG
AP Business Writer

DALLAS (AP) — Gasoline prices are setting a new record, and they’re likely to go higher in the coming weeks. The national average topped $4.17 a gallon on Tuesday, according to auto club AAA. Californians already pay over $5 on average, and residents in a few other states could soon join them. Why is this happening? Prices at the pump have been rising for more than a year, as energy demand outstripped supply. But analysts say most of the run-up in the last week or so can be blamed on Russia’s invasion of Ukraine. Oil markets anticipated the kind of ban on Russian oil that President Joe Biden announced Tuesday.