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Gas Prices Highest for a Year as Ukraine Fears Roil Oil Markets

The crisis in Ukraine is hitting Americans -- at the gas pump.

The price of gasoline has jumped 9 cents a gallon in the past two weeks, bringing the total increase to 40 cents over 10 weeks, according to a widely-watched industry survey.

The Lundberg Survey said the the average for a gallon of regular is now $3.69 -- the highest since March last year.

Gasoline prices are at their highest in a year as the Ukraine crisis has pushed up the price of crude oil.
A Phillips 66 gas station in Little Rock, Ark. Gasoline prices are at their highest in a year as the Ukraine crisis has pushed up the price of crude oil. Danny Johnston / AP

Of cities surveyed in the Lower 48 states, the lowest price, $3.29 a gallon, was in Salt Lake City. Los Angeles had the highest, at $4.26, according to Lundberg. The survey covers the period ended April 18 and is based on information obtained at about 2,500 filling stations.

The rise in prices is mostly attributable to higher crude oil prices.The price of oil edged down Monday but stayed above $104 per barrel as investors watched simmering tensions in Ukraine.

U.S. crude for May delivery was down 12 cents at $104.18 in electronic trading on the New York Mercantile Exchange after trading resumed following a three-day holiday weekend. The contract rose 44 cents to $104.30 in the previous session.

Markets are on edge at the possibility of European or U.S. sanctions that might disrupt Russian supplies. Tensions were fueled by an Easter morning shooting at a checkpoint manned by pro-Russian insurgents.

- The Associated Press