California Gas Prices Soar Toward $7

Brandi Hitt investigates the increasing costs at the gas pump.
3:00 | 10/07/12

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

More information on this video
Enhanced full screen
Explore related content
Comments
Related Extras
Related Videos
Video Transcript
Transcript for California Gas Prices Soar Toward $7
Now to the sky high cost at the pump. Nowhere is the price higher than in the state of california where this morning there is yet another new record high for a gallon of gas. No matter where you live if you've got sticker shock now, you're in for one more jolt before things get better. Bringing us the story is the newest member of our team brandi hitt who joins us live from los angeles. Good morning, brandi and welcome. Reporter: Good morning, bianna. Oh, thank you so much. California gas prices set another new record overnight and drivers cringe every time they pull up to stations like this one where it's 5.69 for supreme but oil industry experts say relief is on the way. California motorists woke this morning to a cruel price hike at the pump after jumping dramatically overnight the average gallon of gas is now the highest in the nation, at 4.65 and climbing. Gas prices are almost $5 a gallon. I mean it's ridiculous. My car takes almost $100 to fill it up. Reporter: Drivers haven't seen these prices since 2008. Gas in new york, connecticut and new hampshire are also high for the year. And drivers in the pacific northwest are feeling the pinch, as well. Experts say refinery issues have created tight supplies. In california, power problems took exxon's plant out of commission early last week. And a fire at a richmond refinery in august added to a shortfall already created by pipeline problems. Some independent station owners citing the high cost of wholesale fuel has even stopped selling gas altogether. I hate to say this but it looks like I'm going to shut it down after all these years in the business, close to 30 years. Reporter: But analysts say fuel prices may level off this week. Now that operations are back on line at the exxon plant. It means more supply, which means the wholesale market will start to calm down a little bit and that will bring prices down for the retail market, as well. Reporter: In fact, some stations that saw dramatic price spikes near $6 a gallon earlier this week are already starting to lower them. And there's a saying that oil experts often use, gas prices will shoot up like a rocket and then slowly drop like a feather so that means we likely won't see any major relief at the pump for at least a week.

This transcript has been automatically generated and may not be 100% accurate.

{"id":17416103,"title":"California Gas Prices Soar Toward $7","duration":"3:00","description":"Brandi Hitt investigates the increasing costs at the gas pump.","section":"GMA","mediaType":"Default"}