Hurricane Isaac may cause gas spike

12:17 AM, Aug 29, 2012   |    comments
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SACRAMENTO, CA - Finding gas for under $4 a gallon is nearly impossible in Sacramento.

"It's frustrating, but that's a part of life for us these days," motorist Sam Jenkins said.

Gas prices are expected to spike in the next week due to a shortened supply of oil because refineries on the Gulf Coast have stopped opperations due to Hurricane Isaac.

"It will be at least two weeks before those refineries will be back on line fully, that will mean a price increase nationwide," said Gregg Laskoski with GasBuddy.com.

Californians are already paying more due to a fire at the Chevron Refinery in Richmond on Aug. 6.

But Senator Diane Feinstein said there was no reason for the spike and is demanding a Federal probe.

Feinstein said the price of gas in the state reached a high of $4.21, more than double the increase seen in average cost of a gallon of gas in the continental U.S.

On Tuesday, the average price for a gallon of regular gasoline in California was $4.12, up from $3.86 on Aug. 7.

Feinstein said the spikes "appear to be unjustified by supply and demand fundamentals."

News10/KXTV