Gas prices shoot up - again

I realize this is getting repetitious but, ahem, we've never spent this much at the pump - and it's likely to get worse. In L.A., the average price of a gallon of self-serve regular is $3.458, according to the federal government's weekly survey that covers the period ended today. That's up from $3.348 just a week ago. SF continues to outpace L.A., with the average price at $3.541, up from $3.462. What's going on? When it comes to gas prices, it's never easy to get a straight answer, but one thing that seems clear is that oil prices alone aren't creating the run-up. The experts say there's just too much demand for refineries to keep up with - and many of those refineries have experienced outages. As for things getting worse, we're a few weeks away from the Memorial Day weekend, which is the start of the summer driving season. Most Americans believe there's price-gouging and say they'll cut back on driving if prices keep going up. They usually say this, but few actually follow through on the threat.


More by Mark Lacter:
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Those awful infographics that promise to explain and only distort
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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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