[ZH] After oil prices eclipsed $70 a barrel last week for the first time since the summer of 2014 - when oil prices suddenly plunged as the dollar strengthened and shale producers tried to pump their way to market dominance - we knew it was just a matter of time before gas prices reached another troubling milestone (for consumers at least).And now they have. Because, as the Fresno Bee reports, gasoline prices in Fresno, Calif. have blown past $4/gallon this week as prices in California reached their highest level since 2014.
Meanwhile, the national average has climbed to $2.81 from $2.34. Gas in Fresno typically costs $1 above the national average, thanks largely to the Golden State's high taxes and demanding standards for reformulating gasoline.
What's worse, it's likely they'll rise further as $70 a barrel feeds through to gasoline at the pump - a process that typically takes a few weeks.
Though In California, which has the fifth highest gas tax in the country, prices are typically much higher. In addition to the taxes, the state has the strictest emissions laws in the country, which requires consumers to use a particular type of gasoline that only a few refineries produce.