Prices for gas and diesel fuel, over $5 a gallon, are displayed at
a gas station in Monterey Park, California on Friday.
Californians have long had the highest gas prices in the nation.
Gas prices rose by an average of 15.8 cents a gallon on Friday across the U.S. and were up another 8 cents on Saturday - as the cost at the pump increased 33 cents over the last week.
It was the second highest spike in gasoline prices ever recorded and beaten only by the 18.1-cent spike when Hurricane Katrina tore through Gulf in August 2005.
This time, Russia's war in Ukraine is having a dramatic impact on the cost of crude oil which sits at $114 a barrel. This, coupled with rising inflation at home of 7.5 percent, are the main culprits why drivers are spending more than $100 to fill up on full tank of regular unleaded gas in nearly a third of the country.
There are now eleven states - California, Hawaii, Nevada, Oregon, Washington, Alaska, Illinois, Arizona, New York, Connecticut and Pennsylvania - where the average price is already over $4 a gallon. Another six states have average gas prices hovering near $4 a gallon.
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California gasoline prices are always higher because gasoline sold in California has to meet different formulation standards to deal with emissions. I don't think any refinery except the ones in California will make that formulation. So California is its own isolated market for gasoline.
ReplyDeleteThe common folk. You know - morons...
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