With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today .
Gas Prices Could Rise Even Higher After Russia Invades Ukraine
Gas prices hit over $6 per gallon at a station in L.A. on February 23, 2022.
(
Frederic J. Brown
/
AFP via Getty Images
)
Los Angeles County gas prices have been setting records for weeks. The average price of a gallon of self-service regular unleaded hit $4.82 on Thursday in the LA and Long Beach areas.
Crude oil prices have soared to more than $105 a barrel — the first time oil has surpassed triple digits since 2014 — after Russia attacked major Ukrainian cities last night. Just over a week ago, oil remained at $90 a barrel.
Experts say the war could drive prices even higher, with Russia being the third-largest oil producer globally. Now, uncertainty looms over the global supply.
"The question is whether the oil will continue to flow in gas, through the pipelines that run through Ukraine that reach Europe," said USC business professor Shon Hiatt.
Support for LAist comes from
Hiatt says if the oil and natural gas stops, it could worsen the ongoing global supply shortage, driving up prices at the pump.
In a statement, the Auto Club of Southern California said, "If that trend continues, we could see gas prices start going up more quickly."
On Tuesday, German Chancellor Olaf Scholz said Germany would stop the Nord Stream 2 gas pipeline certification from Russia after Russian President Vladimir Putin sent armed forces to the separatist regions of the Donetsk and Luhansk People's Republics.
In an address to the nation on Thursday, President Biden said his administration's top priority was to shield American families and businesses from rising gas prices.
"We're taking active steps to bring down the cost, and American oil and gas companies should not — should not — exploit this moment to hike their prices to raise profits," the president said.
At LAist, we believe in journalism without censorship and the right of a free press to speak truth to those in power. Our hard-hitting watchdog reporting on local government, climate, and the ongoing housing and homelessness crisis is trustworthy, independent and freely accessible to everyone thanks to the support of readers like you.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
Chip in now to fund your local journalism
(
LAist
)
Trending on LAist
-
The Newport Beach City Council approved a new artificial surf park that will replace part of an aging golf course. -
The utility, whose equipment is believed to have sparked the Eaton Fire, says payouts could come as quickly as four months after people submit a claim. But accepting the money means you'll have to forego any lawsuits. -
The City Council will vote Tuesday on a proposal to study raising the pay for construction workers on apartments with at least 10 units and up to 85 feet high. -
The study found recipients spent nearly all the money on basic needs like food and transportation, not drugs or alcohol. -
Kevin Lee's Tokyo Noir has become one of the top spots for craft-inspired cocktails. -
A tort claim obtained by LAist via a public records request alleges the Anaheim procurement department lacks basic contracting procedures and oversight.
Best of LAist