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At $3 per gallon, a typical motorist using 50 gallons of gasoline would pay about $150 per month for fuel. That is about $15 a month more than current prices. A family with one car is spending about 4 percent of its income on fuel currently, according to Oil Price Information Service.

Crude oil prices are more than twice what they were a year ago when the U.S. was mired in the Great Recession. Investors look for global demand to pick up as the economy improves, especially in China and other developing countries.

U.S. average prices for a gallon of regular unleaded are poised to climb back to January highs this week as supply and demand issues are ignored and geopolitical issues come to light.

U.S. gasoline prices bottomed out February 16 at $2.612, but have since moved higher, to $2.689 at this writing.