Oil Prices Surge, Gas Prices to Follow Suit
Today, a barrel of oil spiked at $143.52, a (broken) record, once again. That comes at a time when the Los Angeles area has been seeing a two-week plateau in gas prices around $4.60. AAA reports gas in Los Angeles averages at $4.602, but LosAngelesGasPrices.com has gas tipping down towards $4.57.
However, with oil prices spiking as they are, the change in gas prices will be seen in weeks to come. 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.