Gas prices surge across Southern California as Los Angeles County hits $5.17 per gallon amid escalating tensions in Iran Gas prices have spiked dramatically across Southern California, with the statewide average surpassing $5 per gallon and some stations charging over $8 at the pump. In Los Angeles County, the average price climbed to $5.17, a 17-cent increase in a single day. Orange County saw prices at $5.15, while Riverside County reported $5.06. The surge has left drivers frustrated, particularly those reliant on gasoline for daily commuting. “I drive Uber and I’m just getting killed right now,” said one driver, noting that gas prices are “so high” even before the recent war in Iran. Another driver, Michale Terry, expressed hope for relief, stating, “I really can’t do nothing but complain.” The disparity in pricing is stark, with some stations offering significantly lower rates. At the American Oil station in Exposition Park, gas hovered just above $4 per gallon, prompting driver Deejay Brown to remark, “I’m always searching for cheaper gas, so right now that’s how Los Angeles working.” However, just a few miles away, a Chevron station in downtown Los Angeles charged $8.21 per gallon, leaving drivers stunned. “It’s insane, insane work… it’s too too high,” said Denise Rodriguez, who vowed not to use the station. Matt Jozwiak, visiting from New York, added, “I just actually could not believe my eyes when I saw that $8—that is wild.” Experts attribute the price surge to California’s strict regulatory policies and reduced in-state gasoline production. These factors, combined with the ongoing conflict in Iran, have exacerbated supply chain issues and driven costs upward. GasBuddy.com continues to serve as a resource for drivers seeking the cheapest prices in their area.#chevron #los_angeles_county #american_oil #exposition_park #gasbuddy_com
The Week That Was, The Week Ahead: Macro and Markets, Mar. 8 U.S. stocks ended the week lower as geopolitical tensions in the Gulf and a disappointing jobs report weighed on investor sentiment. The S&P 500 fell 1.98%, the Nasdaq 100 dropped 1.24%, and the Dow Jones lost 2.95%. The 10-year Treasury yield climbed to 4.14%, while gold rose to $5,173, oil surged to $91.27, and Bitcoin dipped near $68,000. Energy stocks gained alongside rising oil prices, while travel and cyclical sectors lagged due to higher fuel costs and weaker job market data. The Gulf region remained a focal point as war risks near the Strait of Hormuz disrupted shipping and drove oil prices to a weekly high of over 35%. Tanker traffic dropped nearly 90% as shipping companies rerouted cargo, pushing oil near $90 per barrel. Energy firms like Exxon Mobil and Chevron saw gains, while airlines such as United and Delta fell as fuel costs spiked. The U.S. jobs report further dampened optimism, showing a loss of 92,000 jobs in February—far below the 55,000 gain expected. The unemployment rate rose to 4.4%, and prior job gains were revised downward by 69,000. Analysts warned of a soft labor market, with one noting that the sector couldn’t withstand a strike of 31,000 physicians without broader hiring weakness. The data boosted speculation of a potential Fed rate cut in June, with odds rising to 67%. Meanwhile, AI and tech developments dominated market discussions. Nvidia reported a record quarter and announced $2 billion investments in optical component suppliers to support AI data centers. Broadcom also beat expectations, with AI revenue doubling to $8.4 billion and a $10 billion buyback plan.#strait_of_hormuz #exxon_mobil #chevron #united_airlines #delta_airlines
