Gas prices are spiking.


The latest Lundberg Survey finds the national average price of regular jumped eight and a half cents a gallon in the past two weeks, to more than three-69 a gallon.

Gas prices usually peak in the spring.  During the last three years, prices peaked in February 2013, April 2012 and May 2011.  Summer prices become more volatile-influenced by demand, geopolitical tension and natural disasters. 

Typical spring fundamentals and geopolitical conflict will strongly dictate how prices move in the coming weeks.  Refineries in the Gulf of Mexico that reduced output during maintenance season are returning to full operation.  But any unexpected setbacks could cause prices to spike.

Tension between Russia and the Ukraine continues to place upward pressure on the price of oil.