U.S. pump prices on the rise as refiners cut back

NEW YORK (Reuters) – The break embattled U.S. consumers have been getting at the gas pumps may be ending as refiners slash fuel production to improve sagging profits.

Retail gasoline prices have jumped 22 cents since early January to $1.91 a gallon and could top $2 a gallon in the coming weeks as refinery output cuts tighten up supplies, auto and travel group AAA said on Thursday.

“We could easily break $2 a gallon soon,” said AAA spokesman Geoff Sundstrom.

While prices remain well below the peak over $4 a gallon hit last summer, the hike is still likely to hurt U.S. consumers battered by a severe economic recession.

Reuters