Gas is now $5.25 per gallon in LA

$5.24 a gallon for gas in LA

Zeny Tran and Emily Guan

The average price of a gallon of regular, self-serve gasoline in Los Angeles County is currently $5.25, according to CBS Los Angeles. This is the most expensive gas price ever in LA.

The Russian invasion and war in Ukraine drove the price of crude oil to $115 per barrel, the highest price since 2008. President Biden announced that the U.S. and its Western Allies would release 60 million barrels from their oil reserves to keep prices from rising even higher.

In October of 2021, AAA spokesperson Jeanette McGee claimed that the rising costs at the pump were due to rising global oil prices around the world. Gas prices have roughly doubled since reaching a low of $1.77 in April 2020, and are now at a seven-year high, up more than a dollar from a year ago. The COVID-19 pandemic completely changed the way Americans travel. Lockdowns and the uncontrolled spread of the virus resulted in canceled flights and a significant drop in travels. By summer 2021, however, Americans were back on the road, and highway traffic had returned to average levels. Due to the increased amount of driving by Americans, it also meant an increase in demand for automobile fuel.

Natural gas prices surged to the point where it may be necessary to switch to crude oil as a relatively cheaper source of electricity. However, according to the United States Energy Information Administration, Hurricane Ida shut down a large portion of the United States’ oil drilling and refining facilities in the Gulf of Mexico in late August, causing crude oil stockpiles staying low.

The rising price of energy, which includes gasoline, natural gas, and coal, has become a primary source of high inflation. As a result, household finances are under pressure, and the Biden administration is facing a huge political issue. However, the president and his administration have repeatedly referred to the possibility of taking action to reduce gasoline expenses, stating that it is one of their top priorities at the moment.

On November 23, Biden stated that the US would release oil from the Strategic Petroleum Reserve in an effort to bring down gas prices in time for the busy holiday season. The Department of Energy will release 50M barrels of oil from the SPR reports CBS News. The SPR is an emergency supply of oil intended to be used in the event of natural disasters, but it has never been used to control oil prices.

Gas prices hit historic highs in March 2022 (AAA)