Local News

Gas Prices Still on the Rise, Especially in SoCal

LOS ANGELES (KTLA) — Are you ready for $5 per gallon gas? That’s the way prices are heading.v For the 32nd consecutive day, fuel costs went up on Monday, with no relief in sight.

The average price for a gallon of regular gasoline is now $4.29 per gallon in Los Angeles and Long Beach, up 55 cents from a month ago, according to AAA.

Experts are using the perfect storm analogy to explain the spike in prices.

The more expensive summer blend has arrived here in California in mid-winter.

And 2/3 of the cost of a gallon of gas comes from the price of crude oil, which has jumped 10 percent in the last two months, according to the Energy Information Administration.

Also, OPEC, the powerful cartel of petroleum-exporting countries, is believed to have cut production by about 1 million barrels per day in the last two months, CNN Money reports.

So what does it all mean? Well, experts say drivers should hold on tight.