LOS ANGELES (CBS) — Soaring gas prices are giving drivers a new round of pain at the pump.READ MORE: News Crew Security Guard Shot In Oakland Dies From Injuries
The average price for a gallon of gas in the LA-Long Beach area has jumped to $4.25 a gallon, which is up six cents from Thursday, and 25 cents from a week ago.
Prices in the Southland are as high as $5.09 at a Chevron station in downtown Los Angeles, while Burbank’s Fleet Fueling is still at $3.70 a gallon.READ MORE: Small Business Owners Invite Customers To Participate In Small Business Saturday
It’s not unusual to have price jumps in February, but AAA and the Oil Price Information Service say gas prices were already at record highs.
Analysts say we’re seeing some of the biggest short-term increases ever due to due to escalating tensions with Iran over its nuclear program, as well as the closings of several California refineries for maintenance.
Speculators are also driving prices up, but they are expected to even out, as motorists simply cannot support the increases.MORE NEWS: No Burn Order Extended For Many Parts Of Southland
In fact, USA Today reports that during past month, consumption fell to its lowest level since April of 1997.