Gas Prices: Hyperbole Rules

gasprice1.jpgFor California drivers, gas prices only seem to go one way – up. The latest survey by the Auto Club concludes that California boasts the highest gas prices in the country with the statewide average at $4.47.

Locally, a gallon of regular unleaded goes for $4.79 in the Mammoth Lakes area and a low of $4.52 to a high of $4.59 in the Bishop and Owens Valley area.The Auto Club says that gas prices continue to set new records daily. The statewide average is a record high and 53 cents higher than just a month ago.

The Auto Club report lists several reasons for the continued high prices. The low value of the US dollar compared with international currencies, the growing demand for gasoline and oil in Asia and the heavy trading of oil and other commodities in the market. Crude oil continues to drive retail fuel prices.

The Auto Club says that even though there was a decrease in demand for gasoline, the reported threat by Israel to attack Iran led oil prices to jump by almost $11 on June 6th.

Congress continues to make noises that they will try to control oil prices, but so far it's just noise.

 
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