We haven't reached the above prices yet in L.A., but the price of gasoline is now at $4.00/gallon.
According to the L.A. Times:
"There was quite a paroxysm in the spot market for wholesale gasoline and a confluence of refinery maintenance," said Tom Kloza, chief oil analyst for OPIS. "It's quite noticeable because the price of crude is also over $100 a barrel. And if you live on the East or West Coast, you are dealing with a lot of $115 to $120 a barrel oil, like Alaskan crude and Brent crude."
Kloza was referring to refineries in the state that had shut down for maintenance, which usually causes a spike because supplies are so tight, but that wasn't the only factor.
That's not all, some oil industry experts are predicting that gas prices will hit $5.00/gallon!
Wonderful. And Obama decided to not approve the Keystone pipeline project.
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