Raphael Stevens

Increased demand and reduced supply is quickly driving gas prices higher.
The national average for a gallon of gas hit $4.009, the highest since July 2008, according to data from AAA. 
The average price of a gallon of gasoline will likely set a new all-time record within a day, according to GasBuddy.  
Here are a few ways to protect yourself from price hikes.

With gasoline prices at a 14-year high, it’s hard to imagine paying even more at the pump. Yet prices are only heading higher.
On Sunday, the national average for a gallon of gas hit $4.009, the highest since July 2008, according to data from AAA. 

An increase in demand along with a reduction in supply is quickly driving up prices at gas stations, the automotive group said.

With the recent rise, consumers are now paying 40 cents more than just a week ago.
“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50,” he said. According to GasBuddy, the average price of gasoline will likely set a new all-time record within a day.  
More from Personal Finance:How the Ukraine-Russia conflict may push up pricesWhen buy now, pay later comes back to bite youBig raises may be coming back down to earth

The worst may be yet to come, AAA also said, as Russia’s war on Ukraine prompts fears of severe supply shortages.
More than 50% of the cost of gasoline is based on the price of oil, according to the U.S. Energy Information Administration.

Depending on where you live, there may already be wild upswings in prices. In Michigan, Indiana, Illinois and Ohio, gas prices jumped 30 cents or more in about a week, according to AAA.
In California, the average was $5.343 as of Monday morning but some stations are charging $6 and beyond, according to De Haan.  
“We’ve never been in this situation before, with this level of uncertainty,” he said.

How to save on gas

Now, nearly 9 in 10 car owners are concerned about being able to afford filling up, according to a separate report by AutoInsurance.com.
To shield yourself from soaring prices at the pump, consumer savings expert Andrea Woroch has these tips:
Track gas prices. Apps like GasBuddy, Gas Guru and AAA TripTik can track down the cheapest price per gallon between gas prices. 
Even if the difference doesn’t seem like much, it can still add up to hundreds of dollars a year.
Pay with cash. The price per gallon can be 10 cents to 15 cents more per gallon for credit card transactions. Pay with cash instead to get the lower price or use a gas rewards credit card to earn cash back on those charges.
(CNBC’s Select has a full roundup of the best the best cards for fueling up based on your consumer habits.)
Drive strategically. Carpooling to and from work and school or sports practice can dramatically reduce your time on the road. You can even find ride shares using sites like ZimRide, RideJoy or eRideShare.com, Woroch advised.
Also, order online and look for free delivery to cut the cost of getting groceries, take out and other daily essentials.
Sign up for loyalty programs. In addition, loyalty programs, which many major gas station chains have, can help offset the price at the pump.
Some grocery store chains may also offer cents-per-gallon rewards. For example, Kroger and Shop & Stop give fuel points for every $1 spent on groceries, which can be redeemed at participating gas stations. 
Subscribe to CNBC on YouTube.

WATCH LIVEWATCH IN THE APP More

Russia’s invasion of Ukraine could reduce global production of new cars and trucks by millions of units this year, according to experts.
Local Russian production is expected to feel the greatest near-term impact as companies suspend operations, but officials say the longer the war continues, the higher the risk of ripple effects across the automotive industry.
The crisis could worsen rising inflation and propel already record-high vehicle prices even higher.

The 111,111th Ford Transit car manufactured at the Ford Sollers car factory in the town of Yelabuga in Russia’s Republic of Tatarstan.
Yegor Aleyev | TASS | Getty Images

Russia’s invasion of Ukraine could reduce global production of new cars and trucks by millions of units this year, according to experts.
Local Russian production is expected to feel the greatest near-term impact as companies suspend operations. But, officials say, the longer the war continues, the higher the risk of ripple effects across the automotive industry.

“There’s no question. It’s going to ripple. It’s just going to be really dependent on obviously how long this goes on,” said Jeff Schuster, president of global forecasting and the Americas at LMC Automotive. “The sanctions and trade impact play a big role in that.”
The invasion is already creating new supply problems for parts such as wire harnesses, which act as a vehicle’s wiring system. The war is also expected to further escalate existing supply limitations of parts such as catalytic converters and semiconductor chips that use materials and gases from the region. The crisis could worsen rising inflation and propel already record-high vehicle prices even higher.

“This does have global implications in terms of adding to inflationary pressure, pricing pressure and ultimately dealing another blow to the consumer,” Schuster said.
For U.S. consumers, the most immediate impact is higher gas prices. The national average for a gallon of gas hit $4.009 on Sunday, according to AAA — the highest since July 2008, not adjusted for inflation.

Vehicle production

Early forecasts for the reduction in vehicle output resulting from the conflict vary greatly given the fluidity of the situation.

Schuster said the impact could amount to millions of units of production in 2022. His firm has already adjusted its forecast to cut 700,000 units of European production, he said.
The European auto market will feel the effects far more quickly than the U.S. and other markets. European automakers such as Audi and Mercedes-Benz have said they plan to cut production output at plants due to parts disruptions out of Ukraine — specifically, wire harnesses.
“Wire harnesses are the most critical near-term bottleneck, in our view, already causing significant production interruption amongst all German OEMs,” UBS analyst Patrick Hummel said Monday in an investor note. “We think significant downtimes in the next few weeks are likely, but limited to European production because wire harnesses are typically sourced regionally.”
AutoForecast Solutions expects vehicle production this year in Russia and Ukraine to get cut in half as a result of the conflict, falling to around 800,000 units.
An early “pessimistic outlook” from research firm IHS Markit expects the global impact this year to be about 3.5 million fewer vehicles in connection with semiconductor chip constraints. Russia and Ukraine are critical sources of neon gas and palladium that are used to produce semiconductor chips.
However, Tim Urquhart, a European principal automotive analyst at IHS, noted the situation remains fluid. In December, IHS forecast global sales of 82.4 million vehicles in 2022, up 3.7% year over year.

Long-term impact

As sanctions grow and companies withdraw or suspend operations in Russia, the country’s automotive operations face long-term risk.
Automakers and other industries are going to have to weigh the potential backlash of resuming operations against the potential earnings, according to experts.
“The key for companies is to provide a concrete justification as to why they’re going back in,” said Matt Gorman, a corporate communications advisor and Republican strategist. “They can’t slink back in if we’re still in the same spot and if Russians are still shelling Ukrainian civilians a month from now or two months from now.”

For automakers, the choice may be easier than for others. Only a few automakers have notable operations in Russia. France-based Renault Group, which has a controlling stake in Russian automaker AvtoVAZ, accounts for 39.5% of the country’s vehicle production, followed by South Korea-based Hyundai Group at 27.2%.
German automaker Volkswagen makes up a 12.2% share of the country’s auto output, according to research firm IHS Markit. Japan’s Toyota Motor makes up 5.5%. Other automakers follow at low single-digits.
“I don’t think any sensible business person, any CEO … would be looking to go back into it anytime soon,” IHS’ Urquhart said. “I just think it’s very low priority to go back.”
AutoForecast Solutions CEO Joe McCabe agrees, especially given the comparatively low earnings and operations for many automakers in the country.
“For a Western company to reinvest in Russia after this, I think once they make the exit it’s going to be the first of many steps to be a long-term exit strategy out of Russia,” he said.
The Russian vehicle market posted between 1.6 million and 1.75 million in annual unit sales over the last three years. That amounts to one-tenth the size of the U.S. market last year and represents about 2% of global vehicle sales in 2021.
— CNBC’s Michael Bloom contributed to this report.

WATCH LIVEWATCH IN THE APP More

Levi Strauss announced Monday it will suspend sales in Russia in response to the country’s invasion of Ukraine.
The apparel company will also donate more than $300,000 to nonprofit organizations aiding Eastern European refugees.
Levi’s blue jeans were a symbol of freedom and Western capitalist promise during Russia’s Soviet days.

Levi’s 501 blue jeans on display.
Sean Gallup | Getty Images

Levi Strauss announced Monday it will suspend sales in Russia in response to the country’s invasion of Ukraine.
Levi Strauss, whose blue jeans were a symbol of freedom and Western capitalist promise in Russia’s Soviet days, will halt any new investments in the country. Roughly 4% of the company’s 2021 net revenue originated in Eastern Europe — half of that related to Russia, Levi Strauss said in a release.

“Any business considerations are clearly secondary to the human suffering experienced by so many,” the company said in a statement. “The LS&Co. community continues to be saddened by the devastating conflict in Ukraine and our thoughts are with all of those who have been affected, including our employees, partners and their loved ones.”
The apparel company will also donate more than $300,000 to nonprofit organizations aiding Eastern European refugees.
More than a million refugees have fled Ukraine as of last week, and hundreds of communities are currently without power or water.
The $300,000 Levi Strauss is allocating for humanitarian efforts will benefit the International Rescue Committee and CARE.

WATCH LIVEWATCH IN THE APP More

New Jersey’s school mask mandate will hopefully remain a policy of the past, Gov. Phil Murphy told CNBC on Monday.
“Can I say that they’re done forever? I don’t think anyone can say that for sure,” the Democrat said.
However, “it feels very much like we are on that road from pandemic to endemic, that we’ll be able to live with this in a normal way responsibly, like we do with the flu,” Murphy said.

Democratic New Jersey Gov. Phil Murphy told CNBC on Monday he’s hopeful the state’s school mask mandate will remain a policy of the past, suggesting it’s part of a shift toward living “responsibly” with the coronavirus as a risk in society.
Murphy’s comments in a “Squawk Box” interview coincided with the official end to New Jersey’s universal face-covering requirement in schools. Murphy set Monday as the expiration date in early February, citing a drop in Covid cases and hospitalizations, along with increasing vaccinations among students.

“Can I say that they’re done forever? I don’t think anyone can say that for sure. I certainly hope we’re done forever,” Murphy said, acknowledging the difficulties of predicting future Covid variants and transmission.
“But it feels very much like we are on that road from pandemic to endemic, that we’ll be able to live with this in a normal way responsibly, like we do with the flu,” he added. “It very much feels like that’s where we’re headed right now, and let’s hope it stays that way.”
School districts can still choose to require masks in the building, which some have decided to do, according to reporting from NJ.com. However, most of New Jersey’s largest districts are making face coverings optional, the news organization reported.
Murphy was asked about private colleges in New Jersey that may continue to require masks, and, in response, the governor said that’s a decision those institutions can make for themselves.
“We’re voting with our feet. We’ve made the statement that on pre-K through 12, including day care, we think you can responsibly take them off today. I think you’re going to see us … make a move on state offices where we still have a mandate in place. You should expect that that’s going to get lifted sometime fairly soon. … I think we can look a lot more normal sooner than later.”

As of Thursday, more than 90% of the U.S. population lived in counties where they did not need to wear a mask in indoor public places, according to the Centers for Disease Control and Prevention’s recommendation criteria.
The CDC’s criteria focuses on levels of Covid hospitalizations and severe disease in a particular county when suggesting whether its residents should wear a face covering.

WATCH LIVEWATCH IN THE APP More

Life Changes

People looking to get remarried should seriously look at the financial pasts and presents of both parties and jointly consider their future before tying the knot again, say advisors.
Social Security and other retirement funds, health-care and insurance, and estate-planning are all affected when people remarry.
If one or both of the prospective spouses already has children, issues of inheritance become doubly important.

kali9 | E+ | Getty Images

You may want to consider some financial issues before walking down the aisle again.
When it comes to tackling those financial issues around remarriage, financial advisors recommend couples look at the past — for example, how each person handled finances, and their pre-marital liabilities and assets — the present (e.g., new benefit options) and the future — how, for instance, they’ll handle finances as a unit or protect themselves and loved ones in case of death or divorce.

Ghosts of finances past

It’s important to “get out all the financial skeletons in the closet,” said certified financial planner Rick Kahler, founder of Kahler Financial Group in Rapid City, South Dakota.
Working with a financial therapist can help future spouses disclose all debts and income, to prevent financial infidelity down the road. It will also give them an opportunity to talk about any ingrained money attitudes that influence their individual financial behaviors and attitudes, Kahler said.

More from Life Changes:

Here’s a look at other stories offering a financial angle on important lifetime milestones.

It’s essential that blended families have similar talks with their children, too, according to Stacy Francis, CFP, president and CEO of Francis Financial in New York.
“The kids were probably raised in different financial circumstances, so it’s important to talk as a family about new financial expectations,” she said.

The financial here and now

Once prospective spouses identify their collective financial situation, there are a few topics to consider, according to Douglas Kobak, CFP and principal at Main Line Group Wealth Management in Conshohocken, Pennsylvania.

For example, if you were previously married for more than 10 years and collecting Social Security benefits on your ex-spouse’s account, you may lose those payments if you remarry. Also, your new combined income may result in a higher tax bill, often called a “marriage penalty.”

Financial communication is an essential best practice to achieve financial success in a relationship.

Rob Wermuth
CFP and partner with Legacy Planning

After you remarry, pay attention to the impact on benefits, Kobak said. He noted that, as marriage is a recognized life event, you may be allowed to change your insurance options outside the regular autumn time window.
“Be aware that if you were previously divorced and getting substantially discounted insurance via the [Healthcare.gov] exchange, when you remarry, your insurance costs may go up if your joint income goes up,” he said.  

Looking ahead

It’s wise to think about protecting pre-marital assets that were in your name only, Kobak said.
“You should consult an estate attorney in your state prior to marriage,” he said. “They may advise against commingling some or all assets, and suggest a trust, segregating pre-marital assets from marital assets, to protect you in the event of divorce.”
Francis at Francis Financial said estate planning is “key” if you have a new family with children. “It’s a love letter to your children, previous or new,” she said. “They are documents to take care of every person you love.
“It’s important to update all your beneficiaries, too,” Francis added.
In addition, be sure to check Transfer on Death designations on checking accounts, brokerage accounts and real estate deeds, as these override designations in a will, Kahler said.
Then there’s the often dreaded pre-nup.

“A pre-nuptial agreement is a step a lot of blended families skip, but it doesn’t have to be un-romantic,” Francis said. “What better time to discuss it than when you’re madly in love?
“If there’s a divorce, it protects everyone from extraordinarily high legal fees, when that money could go to your financial future,” she added.

Ongoing steps to take

“Financial communication is an essential best practice to achieve financial success in a relationship,” said Rob Wermuth, CFP and partner with Legacy Planning, based in West Chester, Pennsylvania.
He recommends couples have regular monthly meetings to discuss their finances in a structured way. The meetings should be from 60 to 90 minutes long, away from home and its distractions.

An agenda should be followed, he said, covering financial goals, spending (budget versus actual), target cash balances needed to pay bills, and assignment of tasks for the next meeting (e.g., call insurance agent, review investments, etc.)
Clients have been enthusiastic, Wermuth said. “They respond with more energy, more follow up, and more accountability to their advisor team,” he said, adding that remarried clients “want to be empowered to grow their relationship because, in their previous marriages, money was one of the factors that drove them apart.” More

Sustainable Energy

Sustainable Energy
TV Shows

Britishvolt is building a gigafactory in the county of Northumberland, northeast England.
The company has received backing from the U.K. government and Glencore, among others.
While Aston Martin is focusing on EVs, the internal combustion engine remains important to the business.

The Aston Martin Rapide E electric vehicle on display at the Auto Shanghai 2019 show in Shanghai, China.
Qilai Shen | Bloomberg | Getty Images

Aston Martin is to work with Britishvolt on the development of “high performance battery cell technology,” as the carmaker gears up to launch a battery-electric vehicle in 2025. The two firms have signed a memorandum of understanding relating to the plans.
In an announcement Monday, the companies said a joint R&D team would “design, develop, and industrialise battery packs, including bespoke modules and a battery management system.”

Known for its gasoline-fueled luxury vehicles, Aston Martin is attempting to broaden its offering to customers by catering to the burgeoning electric vehicle market.
According to the business, all of its new product lines will offer the option of an electrified powertrain by the year 2026. Deliveries of a plug-in hybrid, the Valhalla, will start in 2024 and it wants its “core portfolio to be fully electrified by 2030.”
While Aston Martin is focusing on EVs, the internal combustion engine remains important to the business and it recently launched a new, nonelectric SUV, called the DBX707.
“It will be, and is, the greatest ultra-luxury, high-performance SUV in the world,” Aston Martin Executive Chairman Lawrence Stroll told CNBC in an interview.

Read more about electric vehicles from CNBC Pro

Britishvolt is building a gigafactory in the county of Northumberland, northeast England. The company has received backing from the U.K. government and Glencore, among others.

So-called gigafactories are facilities that produce batteries for electric vehicles on a large scale. Tesla CEO Elon Musk has been widely credited as coining the term.
Britishvolt says its plant will have the capacity to produce more than 300,000 EV battery packs each year. It’s hoped the first phase of the gigafactory will begin production in the fourth quarter of 2023 or the start of 2024.
In a statement Monday, Aston Martin Lagonda CEO Tobias Moers said the partnership with Britishvolt provided “Aston Martin with additional access to technology and skills to broaden our electrification options.”
Aston Martin is one of several companies attempting to develop and secure a supply of batteries for electric vehicles. In January, for example, Lotus signed an MoU with Britishvolt centered around “next generation battery cells.”
Elsewhere, in February Volvo Cars and Northvolt said they would build a battery manufacturing plant in Gothenburg, Sweden, with construction set to begin in 2023.
The companies said the development was set to “have a potential annual cell production capacity of up to 50 gigawatt hours.” This would equate to supplying enough batteries for around 500,000 cars every year, they said.
According to the European Automobile Manufacturers’ Association, 878,432 new battery-electric passenger cars were registered in the EU last year, compared to 538,734 in 2020. For new passenger cars, the market share for battery electric vehicles stood at 9.1% in 2021.
Despite registrations for new gasoline and diesel vehicles falling, electric vehicles have some way to go before they account for the bulk of registrations. The ACEA said, “conventional fuel types still dominated EU car sales in terms of market share in 2021, accounting for 59.6% of all new registrations.”
— CNBC’s Sam Shead contributed to this report. More

Take a look at some of the biggest movers in the premarket:
Chevron, Exxon, Phillips 66 — Oil stocks rose broadly in premarket trading after energy prices surged overnight, with U.S. benchmark West Texas Intermediate crude briefly breaking above $130 per barrel. Shares of Chevron and Exxon Mobil each rose more than 1%, while Phillips 66 climbed 3.4%. ConocoPhillips rose nearly 2%, while Baker Hughes jumped 4%.

Bed Bath & Beyond —  Shares of the home goods retailer surged 70% in premarket trading Monday after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer through his investment company RC Ventures. Cohen said the company should explore selling itself to private equity and spinning off its BuyBuy Baby chain.
Archer-Daniels-Midland —  Shares of the agricultural company jumped 3.9% premarket as crop prices jumped amid supply concerns due to Russia’s invasion of Ukraine.
Visa, Mastercard — The payments stocks dipped in premarket trading after both companies announced over the weekend that they were suspending operations in Russia. Visa’s stock shed 2.2%, while Mastercard was down 1.7%.
Occidental Petroleum — Shares of the oil and gas company jumped 8% after a regulatory filing showed Warren Buffett’s Berkshire Hathaway significantly increased its stake recently. The conglomerate bought more than 61 million of Occidental shares from Wednesday to Friday, at prices ranging from $47.07 to $56.45. Berkshire now owns 91.2 million common shares of the oil giant.
Whiting Petroleum, Oasis Petroleum — Shares of Whiting and Oasis moved higher in premarket trading after the companies announced a merger agreement. The new company, with an estimated enterprise value of about $6 billion, will be 53% owned by Whiting shareholders and 47% by Oasis shareholders, according to a press release. Whiting’s stock rose 4.9%, while Oasis jumped more than 6%.

Citigroup — The bank stock dropped 2.8% in premarket trading, underperforming its peers, after receiving a downgrade from Jefferies. The firm said Citi appeared unlikely to hit the financial targets detailed at an investor conference last week.
-CNBC’s Maggie Fitzgerald, Yun Li and Hannah Miao contributed to this report.

WATCH LIVEWATCH IN THE APP More

Bed Bath & Beyond surged after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.
Cohen, who also co-founded online pet retailer Chewy, wrote in a letter to Bed Bath’s board that he believes the retailer is struggling to reverse market share losses and to navigate supply chain woes.
Cohen said the company should explore selling itself to private equity and spinning off its BuyBuy Baby chain.
“We will carefully review their letter and hope to engage constructively around the ideas they have put forth,” Bed Bath said in a statement.

Customers carry bags from Bed Bath & Beyond store on April 10, 2013 in Los Angeles, California.
Kevork Djansezian | Getty Images News | Getty Images

Bed Bath & Beyond surged more than 65% in premarket trading Monday after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.
Cohen, who also co-founded online pet retailer Chewy, wrote in a letter to Bed Bath’s board that he believes the retailer is struggling to reverse market share losses and to navigate supply chain woes. He also criticized top executives, including Bed Bath Chief Executive Mark Tritton, for reaping excessive compensation during periods of underperformance.

“We believe Bed Bath needs to narrow its focus to fortify operations and maintain the right inventory mix to meet demand, while simultaneously exploring strategic alternatives that include separating Buybuy Baby, and a full sale of the company,” said Cohen.
In response to the letter, which Bed Bath said it received Sunday evening, the big-box retailer said that it has had no prior contact with RC Ventures.
“We will carefully review their letter and hope to engage constructively around the ideas they have put forth,” Bed Bath said in a statement. “2021 marked the first year of execution of our bold, multi-year transformation plan, which we believe will create significant long-term shareholder value.”
Cohen’s push for changes at Bed Bath comes after the retailer in 2019 settled a months-long spat with a trio of activist investors in which four new members where added to its board. At the time, the activist group criticized Bed Bath’s e-commerce presence relative to peers including Amazon.
Soon after that settlement was reached, the retailer brought on Tritton, a former Target executive, as CEO. His appointment sparked hope among investors that a turnaround was in the works, given Tritton’s deep merchandising experience and success at Target.

Since taking the helm of the company, Tritton has embarked on closing hundreds of underperforming Bed Bath locations, selling non-core assets including Cost Plus World Market and Christmas Tree Shops, ramping up stock buybacks, remodeling stores, debuting numerous private labels, and more recently navigating Bed Bath through a pandemic.
Cohen, however, said Bed Bath’s “scattershot strategy” isn’t working. He said the company could be better suited with a private equity owner.
Bed Bath shares have dropped nearly 45% in the last 12 months.
This story is developing. Please check back for updates.

WATCH LIVEWATCH IN THE APP More