Gas tops $7 per gallon on California's Catalina Island

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  1. Nova78
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    Gas tops $7 a gallon on California's Catalina Island

    Gasoline could Hit $7 a Gallon This Year



    As the old song goes, "26 miles across the sea, Santa Catalina is a-waitin' for me..." but now so are $7 dollar gas prices. While much of the country is grousing about soaring fuel costs -- averaging just a few pennies under $4 a gallon nationwide -- the 3,700 residents of Catalina Island, off the coast of Long Beach, Calif., are experiencing acute pain at the pump. An attendant at one of the two stations that serves Catalina told CBS that a gallon of regular unleaded on Saturday hit $7.03. But don't cry for me, Catalina -- there's a limit on the number of cars that can be on the island, so many residents get by in their golf cart or on foot.
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    Gasoline prices could soar as high as $7 a gallon this summer thanks to supply threats stemming from Middle East unrest as well as OPEC policy, says real estate mogul Donald Trump.

    Iran has already cut off supply to France and to the U.K. to protest sanctions from the west, who accuse Tehran of developing a nuclear weapons program.

    U.S. military officials have said they feel they can ration with Iran, although fears are growing that Israel may consider a unilateral strike on Iran anyway, which is sending crude oil skyrocketing.

    Higher oil prices lead to high gasoline prices, which have prompted some U.S. refineries to close up shop when people buy less fuel, which further exacerbates supply issues.

    The result: pain at the pump — prices are soaring and well earlier than they should be.

    Prices commonly peak in spring and summer due to seasonal factors like the price of refinery feedstocks and the arrival of the U.S. summer driving season.
     

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