Oil Prices Are Down But Gas Prices Continue To Skyrocket - KCOY Santa Maria, Santa Barbara, San Luis Obispo - News

Oil Prices Are Down But Gas Prices Continue To Skyrocket

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SAN LUIS OBISPO, Calif. -- California's average gasoline prices rose 13 cents to $4.26 in the second quarter of 2012, a 3.1 percent increase compared to last year's second quarter average price of $4.13 according to the U.S. Energy Information Administration (EIA).

Even as oil prices drop to some of its lowest levels at $88 per barrel.

Oil refineries have recently experienced major disruptions including a power outage at an Exxon Mobil in Torrance but are many other reasons driving up the cost.

For Cuesta College student Elizabeth Gassman, she can't drive to the library because of it.

In the past week, gas prices have jumped significantly.

But oddly enough, the price of oil has hit record lows.

Experts say the U.S. doesn't have enough capabilities to turn oil into gas.

"The amount of refining capacity hasn't," says Cal Poly San Luis Obispo Professors of Environmental Economics Stephen Hamilton.

"So the price of gasoline can be high if we can't refine it quick enough, even if the price of oil is low."

Luckily, there are ways to relieve your pain at the pump. Mobile Applications like "Gas Buddy" find the gas stations nearest you and sort them out by price.

Experts also blame the seasonal trend to rise in gas prices.

"Gasoline prices tend to be higher in the summer," says Hamilton. "Definitely seasonally in the winter we should see a little softening at the price of the pump."

But that doesn't help Gassman much during her start of school.

"I mean its unfortunate," says Gassman.

"But its something you can't really avoid."

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