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San Gabriel Valley Station May Have Highest Gas Prices In US

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LOS ANGELES (CBS) — A Covina gas station may have the highest prices in the nation.

KNX 1070′s Mike Landa reports customers are questioning what’s going on at a Mobil station on Azusa Avenue that’s selling regular unleaded at $4.51 a gallon.

Thursday marks the 22nd increase in 23 days, pushing the average price 10.2 cents higher than a week ago, 24.6 cents above what it was one month ago and 66 cents greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.

Further increases are expected because of the rising price of Brent crude oil, which is used to price the imported oil used by California refineries.

The chaos in Libya is among the reasons for increasing crude oil prices, according to oil analysts.

In fact, Moneywatch.com editor-at-large Jill Schlessinger says $5-a-gallon gas is not out of the question as political uncertainty hangs over the world’s most volatile region.

The price of a barrel of Brent crude on the ICE Futures exchange in London rose $5.47 Wednesday to $111.25.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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