Why gas prices are spiking

Why gas prices are spiking

Orange County Register | April 24, 2014 | by Orange County Register Editorial Board

But the escalation in gas prices that are an annual (if not twice- or thrice-annual) occurrence here in the Golden State are almost entirely the result of public policy dictated by lawmakers and regulators in Sacramento.  …Meanwhile, because California discourages in-state oil exploration and development, it imports more than half its oil from overseas. So Thursday’s increase in oil futures to nearly $102 per barrel (which the Associated Press attributed to market “worries about tension in Ukraine” and Marketwatch also attributed to rebel control of several Libyan oil ports) put upward pressure on oil prices. The irony of California’s gasoline market is that there is hardly any other place in the world that has such sky-high pump prices that has so much refinable oil just waiting to be tapped.

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