UPDATED 4:55 PM PT – Tuesday, October 4, 2022
Gas price hit a new record high in Los Angeles on Monday. The average price of a single gallon in L.A. soared to almost $6.50, passing the previous record of $6.42 that was set back in June.
The rest of the country has seen a steady decline in fuel prices. Governor Gavin Newsom (D-Calif.) has blamed the Golden State’s hefty gas prices on corporate greed rather than on the state’s high taxes.
President Joe Biden has echoed these sentiments. During a speech, the president accused oil companies of price gouging.
“To the oil and gas executives, do not, do not, do not use this storm as an excuse to raise gasoline prices or gouge the American people,” he said. “The price of oil has dropped in recent weeks. The price of gas should be going down as well.”
Gas prices are expected to rise even more after the Organization of the Petroleum Exporting Countries (OPEC) announced they will be scaling back fuel production.