Mar 3, 2022 - Economy
California barrels toward $5 gas
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California is on a collision course with $5-per-gallon gasoline.
Driving the news: The average price of unleaded fuel in the Golden State reached $4.94 on Thursday, up 17 cents in the last week and up $1.25 from a year ago.
- Several regions have already topped $5, including San Francisco at $5.05 and Los Angeles-Long Beach at $5.01.
- California adds about $1.36 per gallon in taxes and fees to wholesale prices, Oil Price Information Service petroleum analyst Tom Kloza tells Axios.
The big picture: The Russian invasion of Ukraine has caused the price of oil to hurtle past $100 per barrel, as traders fear a disruption in Russian energy exports.
What we're watching: Will the nation top $4 per gallon? Prices averaged $3.73 on Thursday.
- That's up nearly $1 from a year ago but still trails the all-time record of $4.11 in 2008.
