PRICE OF GAS GOING UP RAPIDLY, WE’LL TELL YOU WHY

If you’ve been enjoying our falling gasoline prices you’d better fill up, because experts say prices will jump about 30 cents today and will keep on climbing. Consumer Watchdog warns that gas prices on the street will spike after the Los Angeles wholesale market jumped 52 cents per gallon Thursday. The spike occurred as a result of California refiners switching from their winter blend of gas to a summer blend designed to further reduce greenhouse gas emissions. Last night, the state’s four major oil refiners raised the price they charge for gas that’s delivered to their branded stations by 37 cents a gallon. One expert said, “We call it the Golden State Gouge. There are four companies raising their prices at the exact same time, and they’re making a whole lot of money. When four refiners control nearly 80 percent of the gasoline production and 75 percent of the stations, the market is rigged for refiners’ profits and drivers’ pain.” Thursday the price for a gallon of regular was $2.40 a gallon, that will quickly jump to $2.74 a gallon. The spot market, the market that the major refiners trade large amounts of gasoline on, jumped 50 cents on Wednesday, from 68 cents per gallon to $1.18 per gallon Thursday. California gas prices were 68 cents higher than the U.S. average.