Gasoline Prices Are Rising Faster Than Oil. $4 a Gallon by Summer?
J.P. Morgan strategist Natasha Kaneva thinks prices could rise above $4 in the next two months, because Russia is cutting its oil production more than expected. Russia said earlier this month that it will take nearly 500,000 barrels of oil production offline by June, leaving its daily production around nine million barrels a day. The announcement has helped lift international crude oil prices 3% this month, to $86 per barrel.