LA, OC Gas Prices Skyrocket
LOS ANGELES (CBSLA.com) — Los Angeles and Orange County overnight saw the largest one-day price hike in months.
The sudden rise in gas prices comes after nearly 50 days of gas prices dropping.
Earlier Friday in Sherman Oaks, regular gasoline went from $3.99 to $4.59 per gallon within minutes, and analysts believe stations that haven't spiked much yet, will.
Experts say prices are expected to rise steeply because of low inventory.
Allison Mac, a petroleum analyst at GasBuddy.com, predicted a 30 to 50 cent jump in prices next week. But the spike is not expected to last long, as prices should drop again in a few weeks, she said.
"The EIA report came out earlier this week basically saying that we are below the comfortable level as to how much gasoline we really need, especially during the summer driving season," she said.
In Los Angeles, the average current price is $3.77 per gallon, going up 27 cents in two days. The average in L.A. is expected to surpass $4 per gallon by next week.
But some stations have already surpassed the $4 mark. A Shell station in Studio City, for instance, is now at $4.39, rising 90 cents since Wednesday. In Culver City, it's even more expensive at $4.79 per gallon.
Some analysts say imports are starting to pick back up, and expect prices to fall in about three weeks.
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