The price of one gallon of gas is skyrocketing faster than I have seen for a VERY long time. I live in Southern California and have watched the price jump up more than $0.21 in less than 48 hours! Should people be concerned? Absolutely. But here’s what I think is more concerning:
“Basics, it’s supply and demand, and unfortunately that means rising prices,” said Jeffery Nugent, a professor of economics at USC.
Nugent said there simply aren’t enough refineries producing gasoline in the U.S.
“There are some refineries that are closing down, and it seems that it’s not a very profitable business,” he said.