Gasoline prices have hit their highest level in almost two years, and they appear to be headed up again.

Prices are rising to a level not seen since 2018.  Nationally, prices rose by 5 cents, to $2.77. Travel club AAA warned that another increase is possible this week, and one price-comparison website said prices could exceed a level that would have seemed “outlandish” to predict Jan. 1.

Prices were already on the upswing in February — largely due to optimism that COVID-19 vaccinations would spur a global economic recovery.  Then arctic weather settled into Texas for several days, triggering massive power outages that shut down crude oil refineries and caused gasoline supplies to decline. Those refineries are still coming back online, AAA said.
But other forces are keeping prices high, said AAA spokesman Mark Jenkins. They are:

OPEC nations and their oil-producing allies plan to extend crude oil production cuts to prevent prices from declining.

Missile strikes to Syrian oil refineries and loading docks could spark concerns by traders about further tightening of oil supplies.

Gasoline refiners are beginning their annual switch to a more expensive summer blend that requires more EPA-required components

Steady increases in the numbers of COVID-19 vaccinations along with the promise of another round of stimulus checks have traders convinced that consumers will unleash pent-up demand for travel, sparking higher gasoline demand.

Since Jan. 1, gas prices have increased 53 cents. They hit $1.99 on Nov. 16 as a winter surge in the number of COVID-19 cases caused numerous states to reimpose restrictions. Since then, prices have climbed 37%, or 73 cents. Crude oil prices over the same period rose from about $40 to $65.
The current upward price trend began shortly after pharmaceutical companies in early November announced plans to begin shipping vaccines by the end of the year.
Jenkins said prices could rise by another 10 cents as early as Monday.