Record-High Gas Prices Continue To Climb Across Southern California

LOS ANGELES (CBSLA) — Sticker shock continues to hit Southland drivers as gas prices continue to climb with no relief in sight.

In the Southland, gas prices have continued to climb with the average price of a gallon of gas at $5.38 for Los Angeles and Orange counties; $5.26 per gallon for the Inland Empire; and $5.31 per gallon for Ventura County. At some locations, prices are around $6.65 per gallon.

Nationwide, the average driver is spending about $16 more, as compared to the same time last year, to fill up a tank.

Analysts say this is due to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions as they don't want to violate Western sanctions. Supply chain issues were already affecting grocery costs before Russia's invasion of Ukraine. Now, the International Monetary Fund says the attacks are having a severe impact on the global economy. Wheat futures rose about fifty percent within two weeks which is expected to drive up bread and cereal costs.

"The reality is we don't know how high these prices are going to go or when we're going to see relief at the pumps," said Doug Shupe, a AAA spokesperson.

Shopping around can make a difference. The price for regular unleaded at the Burbank Costco Sunday morning was $4.89 a gallon. Prices elsewhere were as high as $6.95 a gallon.