Oil prices surge amid fierce Libya fighting

March 7, 2011 3:39:40 PM PST
Get ready for more pain at the pump. Gas prices have jumped 33 cents in the past couple of weeks -- topping $4 dollars a gallon in some areas.

The average price of a gallon of gas in San Francisco has reached $3.94. Historically, the highest average in San Francisco was $4.62 in June, 2008.

The national average for a gallon of gas is $3.51. According to a survey, the price hike over the last two weeks is the second biggest increase ever; second only to the aftermath of Hurricane Katrina.

The White House may consider tapping into the emergency oil reserves.

"Whatever it is, I just hope that our government is able to resolve the problem and figure out a way to regulate our gas prices so that we don't fluctuate so badly - to where on Jan. 1 the prices are at $3.20 and now we are into March, two months later and they are almost up to $4 even," said Pacifica resident Justin Andrighetto.

The rise in oil prices is being caused by the unrest in Libya and other oil producing nations. The average price of a barrel was over $106 a barrel early Monday morning.

Load Comments