LA Gas Prices Surge Above $5 On Iran Oil Cuts To Europe

Los Angeles becomes the first US city to hit gas prices of an all-time record high of over $5.00 a gallon following the Iran cutting oil supplies to Europe.

CBS news in Los Angeles alerts us to record gas prices reaching all-time highs, with the price of regular gas hitting $4.93 a gallon and premium surging to a record $5.12. As I have previously reported, analysts are forecasting the same prices to spread across the nation by summer due to the tensions with Iran.

European nations will even face higher prices, where some nations are already paying up to $12 a gallon for gas.

Here’s a chart of the latest LA gas prices from LosAngelesGasPriceos.com.

Premium gasoline breaks an all-time record high of $5 a gallon in Los Angeles on Iran tensions.

Regular Gasoline Soars To Almost $5 a gallon In Los Angeles on Iran Tensions
CBS news reports:

Gas Prices Soar Due To Tensions With Iran, Refinery Closures

LOS ANGELES (CBS) — Soaring gas prices are giving drivers a new round of pain at the pump.

[…]

At an average of $4.06 a gallon, prices are at their highest point since last summer.

CBS2’s Kara Finnstrom reports that a gallon of self-serve regular unleaded gasoline is $4.93 a gallon at a Shell station in the Miracle Mile district.

It’s not unusual to have price jumps in February, but AAA and the Oil Price Information Service say gas prices were already at record highs.

[…]

Analysts say prices are on the rise due to escalating tensions with Iran over its nuclear program, as well as the closings of several California refineries for maintenance.

Source: CBS News

Categories: ECONOMY

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