Ernest Boykins watches the dollars add up as he fills up his tank. (Photo by Tatum Marshall)
The national price of a gallon of gasoline rose 3.4 cents overnight to $3.228, according to AAA. Prices are up nearly 6 cents this week, and analysts say this hike is only the beginning as the political climate in North Africa and the Middle East continues to be unstable.
Ernest Boykins says he doesn't go on long trips anymore because of high gas prices. (Video by Tatum Marshall)
Protests in Libya and other Middle Eastern countries have spurred the hike this month. Libya has Africa’s largest reserves and is the continent’s third-largest oil producer.
Prices have jumped 4.2% since the start of February.
CNN Money reports, “For every $1 increase in the price of oil, you can typically expect a corresponding 2.5 cent increase in the price of gas, according Moody’s Analytic economist Chris Lafakis.” Crude oil is the main ingredient in gasoline.
Gas tracking site, gasbuddy.com, reports some gas stations in Los Angeles charging more than $4 starting today.
Commuters at home are feeling the rise in gas prices.
Driver Ernest Boykins said he has changed his traveling habits in order to cope with the pinch at the pump.
“I ride the bus more,” Boykins said. “I really manage my gas consumption in my travels now.”
