Refiners' cutbacks help boost average U.S. gasoline price to $1.94

Pumping gasoline
Pumping gasoline

Oil prices have remained relatively low but average U.S. gasoline prices have risen about 25-30 cents in the past two months -- and in the winter, no less. That would suggest to some consumers that something fishy is going on in the gasoline market.

In reality, not really: it's just the market. The main reason for the rise in the national gasoline average to $1.94 per gallon concerns refiners' decision to cutback gasoline production by closing refineries after gasoline margins fell over the past year.