ANDRES GUTIERREZ:
00:00:44
Before the war with Iran, California was already in a tough spot. A unique market that is essentially cut off from the rest of the country.
ANDRES GUTIERREZ:
00:00:52
The state has the highest gas tax in the country, almost $0.70 a gallon. It also requires a cleaner, more expensive fuel blend. What did you think about the prices when you first pulled up? Well, the prices are nuts.
ANDRES GUTIERREZ:
00:01:04
With the permanent shutdown of two major California refineries due to high operating costs and other factors, overall capacity will be reduced about 18%. If this conflict continues, how high could gas prices go? Well, it's very difficult to see what the top may look like. We could ultimately see prices reaching new records if the Strait of Hormuz continues to be blocked.
ANDRES GUTIERREZ:
00:01:24
Some drivers are already changing their habits. It's part of the reason why I have my bike here is because it's cheaper. Now for drivers wondering how much higher prices will get, well, the record here in Los Angeles was set back in 2022, just as Russia's war in Ukraine was getting underway. Back then, drivers were paying almost $6.50 a gallon. Jericka.
JERICKA DUNCAN:
00:01:45
It's a lot of money. Andres Gutierrez, thank you.
