L.A. Gas Prices Hit Record High $6.494; OPEC Move Suggests Worse AheadJoel B. Pollak 6 Oct 2022
The average price for a gallon of gas hit a new record high on Wednesday in Los Angeles, California, reaching $6.494. Prices across the state reached $6.420 per gallon, on average, approaching record levels last seen in June, when the statewide average hit $6.438.
The announcement Wednesday that the OPEC+ nations intended to restrict production by two million barrels per day has prompted fears of more price hikes to come, though some of the refinery issues that have caused prices to spike recently are being resolved.
The Los Angeles Times warned that California’s surging prices are starting to reach neighboring states, and the Great Lakes region:
Other Western states, such as Oregon and Washington, have also seen increases.
“With gas prices continuing to surge on the West Coast and Great Lakes, the national average saw its second straight weekly rise,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a blog post. “But at the same time, areas of the Northeast and Gulf Coast have continued to see declines as the nation experiences sharp differences in trends between regions.”
De Haan tweeted that the “worst appears to be over for California” because of cheaper fuel on its way to stations across the state.
https://twitter.com/GasBuddyGuy/status/1577721288671596585President Joe Biden visited Saudi Arabia earlier this year to ask the kingdom to increase oil production, but seems to have failed.
https://www.breitbart.com/economy/2022/10/06/l-a-gas-prices-hit-record-high-6-494-opec-move-suggests-worse-ahead/
