Gas prices may continue to rise, before stabilizing by this summer, the L.A. Times reports.
That won't be much of a consolation for Southern California drivers, who are already faced with record prices:
Analysts blame rising gas prices on the recent run-up in the price of crude oil, which closed at a historic high of $57.27 a barrel April 1. Crude accounts for about half of gasoline's retail cost. But gasoline's rocketing price ride may slow, reflecting the slide in crude oil prices this week, analysts said.
Analysts have attributed the recent run-up in oil futures to fears that the oil supply may not be able to meet rising demand for fuel in the United States and worldwide.
The average price for self-serve regular gasoline hit a record $2.575 a gallon, up 12.1 cents from a week earlier in Los Angeles County, and a record $2.561 a gallon, up 11.9 cents, in Orange County, AAA said. At some stations, prices already have exceeded $3, at least for higher-octane blends.
"That's ridiculous," said John Rodriguez, a sheriff's deputy, who was filling up his Porsche Boxster with premium gasoline at $3.11 a gallon at the downtown Chevron station. "Forty-two dollars for a tank of gas? But what can you do?
Hmm, perhaps (a) stop driving your Porsche Boxster and (b) stop filling it with premium gasoline, especially at downtown gas stations, for starters.
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