Oil just keeps creeping up in price everyday it seems. This morning, headlines like this read "Oil Passes $120 A Barrel For First Time Ever." But don't expect today's record breaking numbers to be the cause of any immediate increases in local gas prices. According to Jeffrey Spring of AAA of Southern California, it takes three to six weeks to see the effect of oil prices at the pump. Any price increase or decrease on any given day is a product of that timeline. As of today, the average price of regular gas in Los Angeles is $3.90.

He also adds that the price of oil today has a lot to do with investments made by people who have nothing to do with the business. It's driven by commodity speculators, not producers. You can thank the weakening dollar among a list of many other reasons why this is happening.

In the meantime, a good question these days to ponder is if oil prices are breaking records, should public transit funding break records too?

Previously: Gas Averages to $4 in NorCal, 10-Cents Less in LA on May 2, 2008

Photo by Zach Behrens/LAist