California Gas Prices Break Record Amid Russia-Ukraine Invasion

Los Angeles CA

24 February, 2022

5:11 PM

Description

LOS ANGELES, CA — California gas prices once again set a record-high Thursday as Russia's invasion of Ukraine threatened to send energy prices across the globe soaring. Californians paid on average $4.77 for a gallon of regular gas for the first time, according to AAA. That's $1.23 higher than the national average. Drivers in Trinity, Humboldt and Mono County paid on average more than $5 per gallon — more than anywhere in California — while prices threatened to hit $5 a gallon in Del Norte, Nevada, Napa, Sonoma, San Mateo, San Benito, Inyo and San Luis Obispo. Prices are expected to continue climbing, according to the U.S. Energy Information Administration projects. Demand for gasoline outpaces the amount available, the Los Angeles Times reported. To boot, California has environmental laws and taxes on motor fuels that other states do not. In fact, state policies increased the price of gasoline in California by $1.27 per gallon last month, the Times reported, citing the Western States Petroleum Association's analysis. Additionally, warmer months require a special gasoline mix. And now, sanctions on Russia threaten to exacerbate the problem. Russia exports the third most oil in the world, according to the U.S. Energy Information Administration. Gasoline is made from crude oil and bought in global markets, usually by refineries that convert crude oil into products such as gasoline. As Western countries levy heavy sanctions on Russia in response to its invasion, experts expect Russia will retaliate by slashing fuel sales. The Atlantic reported that uncertainty over the conflict drove the price of oil to $100 a barrel. Additional squeezing could surge that price past $4.11, the record set in 2008. The news of war in Ukraine caused stocks to tumble as prices surged for oil and other commodities. President Joe Biden has said he wants to limit the economic pain for Americans and announced new sanctions that weren't as severe as some had suggested. The geopolitical conflict also comes amid a historic rate of inflation, and after Gov. Gavin Newsom last month proposed a $523 million gas tax holiday to halt another July gas tax increase. It's unclear whether the state Legislature will approve that plan. Here are the average gas prices for California counties, as of Thursday, according to AAA. Del Norte: $4.97Siskiyou: $4.85Modoc: $4.49Humboldt: $5.03Trinity: $5.01Shasta: $4.70Lassen: $4.71Mendocino: $4.70Tehama: $4.61Plumas: $4.68Glenn: $4.55Butte: $4.59Sierra: $4.76Lake: $4.76Colusa: $4.71Sutter: $4.61Yuba: $4.51Nevada: $4.94Placer: $4.85Yolo: $4.68Napa: $4.97Sonoma: $4.93Sacramento: $4.69El Dorado: $4.83Solano: $4.78Marin: $4.91Contra Costa: $4.84San Mateo: $4.92Amador: $4.72Alpine: n/aCalaveras: $4.74San Joaquin: $4.64Alameda: $4.84San Mateo: $4.92Santa Cruz: $4.78Santa Clara: $4.83Tuolumne: $4.63Mono: $5.67Stanislaus: $4.54Merced: $4.67Mariposa: $4.77Madera: $4.60Fresno: $4.60San Benito: $4.93Monterey: $4.84Inyo: $4.98Tulare: $4.65Kings: $4.52San Luis Obispo: $4.96Kern: $4.68San Bernardino: $4.75Santa Barbara: $4.75Ventura: $4.82Los Angeles: $4.82Riverside: $4.73Orange: $4.80San Diego: $4.79Imperial: $4.64