It looks like a misprint—human error. Whoever is in charge of showcasing the current prices at gas stations in Southern California either has a sick sense of humor or doesn’t know the difference between an 8 and a 3. Right?
Sadly, pathetically, it’s true. Gas prices have eclipsed $8 per gallon at a Chevon on the corner of Alameda Street and Cesar E. Chavez Avenue in Los Angeles. If you own a diesel, you might as well sell blood or pawn your jewelry to get from point A to B because a gallon of diesel fuel costs $9.19 at this station!
The average price in Los Angeles is in the $6.20 range, and prices show absolutely no sign of coming down any time soon. In fact, gas is 3 cents higher than a week ago in LA, almost 35 cents more than a month ago, and nearly $2 more per gallon than a year ago.
It has also gone up $1.33 since Russia invaded Ukraine.
According to the U.S. Energy Information Administration, if you’re wondering how and why fuel gets priced at the numbers you see at the pump, here’s essentially how it breaks down.
The cost of crude oil accounts for over half of the price you pay at the pump. The rest is influenced by the cost of gas components, production costs, distribution, and overhead costs. As for the taxes and carbon offset fees, they are paid for by refineries in California.
Nationally the average price is sitting at $4.60, but it won’t be long before the rest of the country feels California’s pain the way things look.