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If you’re nervously watching the price of gas inch higher, don’t move to California.
Gas hit a record high of $5.89 over the weekend. That’s after a $0.50 surge in just a week, according to the American Automobile Association (AAA). Now Californians are paying a buck more per gallon than other drivers around the country.
A supply shortage, a shuttered local refinery, power outages at refineries and pipeline issues are to blame for the recent spike.
Relief should be coming soon, however, now that power has been restored to one of the refineries. But once prices stabilize, how long do you think it will take for gas to hit $5.89 again?