$5 gas is already a reality at a Chevron station in downtown Los Angeles (KTLA-TV) |
LOS ANGELES (KTLA) -- The price of gas in Southern California is the highest it's been since the summer of 2008, but there could be some relief in sight.
Some stations have already reached prices over $5.00 per gallon for regular gas.
The average price of regular, unleaded gas in Los Angeles/Long Beach is $4.36 per gallon.
That's 28 cents more than a week ago, and 60 cents more than a month ago.
Most experts believe the tension in the Middle East is causing the spike -- specifically, concern about what might happen after a military strike against Iran's nuclear program.
Fears that Iran could cut off oil shipments has caused the price of oil to go up very quickly.
But have we hit the high point?
On Monday, crude oil prices dropped about 1 percent, so it's possible gas prices could level off.
Also on Monday, wholesale gas prices in California slipped a tiny bit.
It could take a while before drivers see any difference at the pump, though.
To find the lowest gas prices in your area, visit: http://www.ktla.com/gasprices.
Some stations have already reached prices over $5.00 per gallon for regular gas.
The average price of regular, unleaded gas in Los Angeles/Long Beach is $4.36 per gallon.
That's 28 cents more than a week ago, and 60 cents more than a month ago.
Most experts believe the tension in the Middle East is causing the spike -- specifically, concern about what might happen after a military strike against Iran's nuclear program.
Fears that Iran could cut off oil shipments has caused the price of oil to go up very quickly.
But have we hit the high point?
On Monday, crude oil prices dropped about 1 percent, so it's possible gas prices could level off.
Also on Monday, wholesale gas prices in California slipped a tiny bit.
It could take a while before drivers see any difference at the pump, though.
To find the lowest gas prices in your area, visit: http://www.ktla.com/gasprices.
