Californians resigned as gasoline prices spike

Californians resigned as gasoline prices spike

MONTEREY PARK, US:  Californians filling up their cars on Friday winced at the spiraling cost of gasoline, but largely shrugged as residents of the state that has long had the highest gas prices in the United States. California drivers are paying an average of more than $5 for a gallon ($1.34 per liter), according to the American Automobile Association (AAA), up more than a third from a year ago, as Russia’s invasion of Ukraine sends world oil prices rocketing. “It’s going to affect the prices,” Mike Hernandez told AFP.

“I’m not really into politics or anything like that, but now that this thing is going on between Russia and Ukraine, it’s just that sad.” Russian President Vladimir Putin’s invasion of neighboring Ukraine has sent financial markets into meltdown. Prices for crude oil-the raw material for gasoline-have been hit hard, and are up well above $110 a barrel, with players fretting about the impact on Russian supplies, as sanctions choke Moscow off from the global economy. While all countries have access to the same gasoline, subsidies or taxes imposed locally mean the ultimate cost to consumers varies wildly. For example, in oil-producing Nigeria, which subsidizes fuel, the official price is 40 US cents